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ANZ Financial Wellbeing Summary Report - Australia

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NEW INSIGHTS, November 2018

The picture of the financial lives of older Australians is complex. There are many environmental, economic, political, social and individual factors that impact the financial wellbeing of older people.


This latest report by RMIT University outlines findings from ANZ’s financial wellbeing survey (published in April 2018), with a particular focus on insights about older Australians.

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Author: Shayne Elliott Group CEO

Group CEO Foreword

A broader view of financial wellbeing is an essential part of any strategy to build financial wellbeing and resilience in our region.

I am pleased to present this report of key findings from our survey of Financial Wellbeing in Australia and New Zealand, conducted in late 2017.

In Australia, this survey is the sixth in a series which has explored financial literacy, attitudes and behaviours since 2002. For the first time we have also conducted this research in New Zealand, building on a significant body of research led by the Commission for Financial Capability since 2006.

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Author: Elaine Kempson CBE, Emeritus Professor at the University of Bristol’s Personal Finance Research Centre (PFRC)

Foreword

Financial wellbeing around the world.

The 2018 Australian and New Zealand financial wellbeing surveys are a fascinating ‘first look’ at over 5,000 Australian and New Zealanders’ financial situations through the lens of financial wellbeing.

‘Financial wellbeing’ is a term that may be new to many. I define it as: “the extent to which someone is able to meet all their current commitments and needs comfortably, and has the financial resilience to maintain this in the future.”

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Author: Fred Ohlsson, ANZ Group Executive Australia

Group Executive Australia Foreword

A stronger focus on indicators of financial wellbeing and a broader look at financial behaviours.

I am very pleased to present this report of key findings from our survey of Financial Wellbeing in Australia.

This is the first time ANZ has conducted equivalent surveys simultaneously in Australia and New Zealand. This parallel effort reflects the incredible importance of both countries to our business, and the commitment we have made to improve the financial wellbeing of our customers, communities and employees, regardless of where they are located.

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ANZ Financial Wellbeing Summary Report - Australia

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Author: David Hisco, ANZ Group Executive and CEO, New Zealand

Group Executive New Zealand Foreword

Understanding the financial knowledge and behaviour of Kiwis and translating that understanding into real action.

Kia ora,

Financial wellbeing has a major influence over the lives of every New Zealander. The ability to manage unexpected expenses, achieve our goals and have the freedom to make the choices we want, all depend on our level of financial wellbeing.

Everyone benefits in an environment that fosters and supports people’s financial wellbeing - whether they are individuals, families, businesses or the society of which they are part. Understanding financial wellbeing is crucial to helping people achieve it.

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ANZ Financial Wellbeing Summary Report - New Zealand

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Financial Wellbeing: A survey of adults in Australia and New Zealand 2018

This survey measured the financial wellbeing of 5,099 adults in Australia and New Zealand. It is the sixth in a series of comprehensive surveys that ANZ has conducted in Australia since 2002 that explores financial knowledge, attitudes and behaviours to money.

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Average financial wellbeing score

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Key behaviours important for financial wellbeing

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How we calculated financial wellbeing scores

ANZ has conducted this survey based on a Personal Finance Research Centre (PFRC) model of financial wellbeing. The PFRC model used provided the basis for creating an overall financial wellbeing score for each person.  This score was derived from measures of the three components of financial wellbeing:

  • ability to meet financial commitments such as bills and loan payments (meeting commitments);
  • extent to which they felt comfortable with their current and future financial situation and to which their finances enabled them to enjoy life (feeling comfortable); and
  • ability to cope with a significant unexpected expense or fall in income (resilience for the future).

“The extent to which someone is able to meet all their current commitments and needs comfortably, and has the financial resilience to maintain this in the future"
- Professor Elaine Kempson defining financial wellbeing 

Snapshot of financial wellbeing in Australia/New Zealand

Our survey has evolved to encompass a broader view of financial wellbeing 

Financial wellbeing is a term that recognises that finances are inextricably linked with wellbeing; and are a vital part of every household, community and wider society. Financial wellbeing is determined by people’s behaviours, knowledge and skills, attitudes, motivations and behavioural biases and also by a range of environmental factors beyond their control.

 

ANZ welcomes your comments and enquiries about this survey. Please contact:
Michelle Commandeur
ANZ Head of Financial Inclusion
Michelle.Commandeur@anz.com