Lender Financial Literacy Programs

Protect your money (financial savings) and financial care (services) concept. Financial advisor (financial consultant) with protective gesture and piggy bank.

Financial literacy is increasingly being acknowledged as an integral part of ongoing financial stability.

Many of the MFAA partners and sponsors produce publications and tools, as well as offer education seminars and workshops to help teach and assist the public about money management and budgeting when making financial decisions.

Click on the links below for more information on their financial educational, financial literacy and inclusion activities and programs.

ANZ

ANZ’s focus to improve customer experience and creating value for all communities is underpinned by their Corporate Sustainability Framework.  There are three key areas of the sustainability agenda that are distinctive to ANZ and tie in with their five ‘Licence to Operate’ areas.

ANZ’s three key areas are[i]:

  • Sustainable development:Integrating social and environmental considerations into our business decisions, products and services to help our customers achieve their sustainability ambitions and deliver long term value for all our stakeholders.
  • Diversity and inclusion: Building the most diverse and inclusive workforce of any major bank in our region to help us innovate, identify new markets, connect with customers and make better, more informed decisions for our business.
  • Financial inclusion and capability:Building the financial capability of people across our region to promote financial inclusion and progression of individuals and communities.

In addition, ANZ release their annual Survey of Adult Financial Literacy in Australia.  As part of their long-term investment in research and the financial education of adults, ANZ’s survey aims to promote the importance of financial literacy in the day-to-day lives of Australians and to help them to prepare for financial security in retirement.  

Please find the latest ANZ Survey of Adult Financial Literacy in Australia (May 2015), available here.

 

Commonwealth Bank

Commonwealth Bank are actively seeking opportunities to extend their commitment to financial education and enhancing the financial wellbeing of young Australians. Their StartSmart program has been in operation since 1928[ii] allowing for student bookings and access to a range of resources to help them understand the importance of making informed financial decisions.

For more information on Commonwealth Bank’s programs, please click here.

Commonwealth Bank have a range of joint research and studies that explore the benefits of the financial literacy as well as the impact and trends in financial education, please click here to find out more.

StartSmart

StartSmart is Commonwealth Bank’s financial education program offered to primary schools, high schools and vocational education students across Australia to help them prepare for their future. The program includes a diverse range of facilitators, interactive and educational workshops to motivate and inspire students to make confident and informed decisions about spending and saving money.  

School Banking Program

Run through participating primary schools across Australia, School Banking is an interactive way to teach kids good saving money habits by encouraging them to deposit money into a Youthsaver account to earn Dollarmites tokens which they can redeem for exciting rewards. It is also a fundraising activity where participating schools receive 5% of every individual deposit made at school (up to $10).

Teaching Awards

The Commonwealth Bank Teaching Awards recognise and reward teachers from schools across Australia who are making an outstanding contribution to developing the financial literacy skills and knowledge of their students. There are 15 awards presented, with a prize of $10,000 each for schools to invest in their financial learning programs. An additional $2,000 is given as a personal award for each of the winning teachers of these schools.

 

NAB

Social and Financial Inclusion

NAB plays an active role in social and financial inclusion issues through programs and initiatives to empower people marginalised from mainstream finance and banking, as well as supporting women, indigenous Australians and African Australians.

There are many different microfinance programs that NAB delivers to address the range of challenges in personal and business finances for different people within the community.

For more information on NAB’s programs, please click here.

Start Counting

Start Counting is a behavioural change program by NAB that aims to empower women to build strong money and life habits, benefitting their overall well-being. The program provides female employees of any organisation with the knowledge, tools and confidence to assist them to understand their finances and the impact of their financial decisions on their lives, families and workplaces.

Microfinance

Since 2003, NAB have been working with Good Shepherd Microfinance, the Federal Government and over 400 community organisations to provide Australians with financial resources, education and microfinance products to help assist people on low incomes to increase their financial capabilities. An example of these resources include the No Interest Loan Scheme (NILS) and StepUP Loans.

Financial Exclusion Research

In partnership with Good Shepherd Microfinance, NAB have set a goal to address financial exclusion and have set a goal of improving financial access for one million people on low incomes by 2018. [iii] To support this goal, NAB have launched a national campaign to raise awareness on the availability of safe and affordable no or low interest loans for people with low incomes. In conjunction with the Centre for Social Impact (CSI), NAB has invested into research on the relationship between financial exclusion and other economic and social trends. This study is called the Eight Years on the Fringe.

 

Westpac

There are different brands within The Westpac Group in Australia and New Zealand that have been developed as financial capability programmes to help their communities learn and gain daily money management skills. Guided by their social impact framework, these brands aim to improve financial literacy for their customers and local communities.[iv] 

For more information on Westpac’s brands, please click here.

The Davidson Institute

Name after Sir Alfred Davidson, a pioneer of Westpac financial education, offers a range of money management and financial education topics for individuals, businesses, Not for Profit organisations and local community groups.

St.George partners with Wesley Mission

St George, in partnership with Wesley Mission have delivered a new financial literacy education program that aims to alleviate financial stress by teaching people how to make sounds informed decisions about spending, saving and borrowing. The program is called ‘In charge of my money’ and runs through local community centres and organisations in Sydney and Newcastle, as well as within Wesley Mission community centres.

New Zealand’s Managing your Money

Westpac New Zealand’s ‘Manage Your Money’ is a financial literacy program that is aimed to be adopted with businesses, schools and Not-for-Profit organisation to help customers build effective money management skills.

BT Financial Group Supports Employees

BT Super has been running a series of ‘Lunch ‘n’ Learn’ seminars across Australia with the aim of increasing the financial literacy of their employees, and their friends and family.

 

Disclaimer:

This information is provided as a resource guide only. Information is current at the time of publishing. The aim is to share information on financial literacy, financial education and financial inclusion programmes that are already available to help assist the public to make informed financial decisions.

Please note some of the companies named are sponsors or industry partners with the MFAA. This information, however, was gathered from external resources such as the corporate website of each company via their programs and initiatives pages.

Individuals are encouraged to check the currency of any information that is provided by contacting the MFAA Marketing department. If you have any questions or if you would like to share MFAA member case studies please contact Sabrina Cortez via email: sabrina@mfaa.com.au

 

Evidence

 

[i] ANZ (2016). Corporate Sustainability framework | ANZ. [online] Available at: http://www.anz.com/about-us/corporate-sustainability/our-approach/sustainability-framework/ [Accessed 4 February 2016].

 

[ii] Commonwealth Bank, (2016). Financial Education – CommBank. [online] Available at: https://www.commbank.com.au/about-us/who-we-are/in-the-community/financial-education.html#content_tabpanelnav3 [Accessed 4 February 2016].

 

[iii] NAB, (2016). Financial exclusion research. [online] Available at: https://www.nab.com.au/about-us/corporate-responsibility/our-programs-and-initiatives/social-and-financial-inclusion/financial-exclusion-research [Accessed 3 February 2016].

 

[iv] Westpac, (2016). Financial education. [online] Available at: https://www.westpac.com.au/about-westpac/sustainability-and-community/our-community/community-focus-areas/financial-education/ [Accessed 3 February 2016].