Llyfrgell Ymchwil
Use of the MoneyMinded financial education programme for adults
On this page
Description of the programme
MoneyMinded is an adult financial education programme developed by Australia and New Zealand Banking Group (ANZ) and delivered by community organisations across Australia, New Zealand and the Asia Pacific region. MoneyMinded is a suite of financial education resources comprised of eight financial capability topics separated into 19 workshops which can be tailored to meet the needs of individuals.
MoneyMinded online was developed and piloted by ANZ in 2014, and is now freely available for anyone to use. The website hosts a series of interactive learning activities based on the key MoneyMinded components delivered in the face-to-face workshops (planning and budgeting, banking and bills, credit and loans, debt, rights and responsibilities, investment and superannuation, and issues associated with renting and home ownership).
The study
In June 2014, MoneyMinded online was piloted with 353 participants across three cohorts:
- Saver Plus participants (participants from a matched savings programme)
- MoneyMinded participants
- ANZ employees
The evaluation involved participant surveys, participant interviews and interviews with MoneyMinded community partners. Another group of Saver Plus participants who had completed MoneyMinded in face-to-face workshops were surveyed to provide a comparison of online and face-to-face delivery.
Where possible, comparisons were also drawn with a previous evaluation of MoneyMinded participants who completed the regular face-to-face workshops in 2011.
Qualitative interviews were conducted with participants and with MoneyMinded facilitators.
Key findings
The majority of participants in the pilot of MoneyMinded online were female, aged between 31-50 years and 80% spoke English at home. Participants who were ANZ employees had a higher level of education and were in a higher income bracket overall compared with the other groups (with only 47% of Saver Plus participants speaking English at home).
The evaluation found that MoneyMinded online improved the financial capabilities and wellbeing of participants across all groups.
- 91% of participants had set a longer-term goal after the programme compared to 47% pre-programme
- Difficulty in covering expenses: before = 27%; after = 3%
- Paying full balance on credit card: before = 18%; after = 29%
Comparison of face-to-face and online programme delivery indicated that MoneyMinded online appeared to be as effective in developing financial capabilities in participants as the traditional face-to-face delivery. The main differences were found to be:
- Face-to-face participants were more likely to have used a spending diary than online participants.
- Face-to-face participants were also more likely than online participants to share lessons with family and friends and encourage their children and family to save.
Points to consider
- While there was no general control or comparison group for MoneyMinded participants, outcomes were compared between Saver Plus participants who completed MoneyMinded face-to-face and those who completed it online.
- There is limited detail of the methodology in the published report, for example it is not clear how many participants responded to the survey from each group/cohort.