Over time, the survey has evolved to reflect the global shift from a focus on assessing and measuring knowledge-based financial literacy to examining behaviours and motivations behind the financial decisions we make. Our most recent survey in 2017 further evolved to include a stronger focus on the drivers of financial wellbeing, as described in the internationally-recognised model developed by Professor Elaine Kempson.
The survey was the first time ANZ conducted equivalent surveys simultaneously in Australia and New Zealand, enabling us to measure how we are travelling in comparison with our friends in New Zealand, and with an increasing number of countries around the world.
Past surveys have helped inform ANZ’s community programs (such as MoneyMinded and Saver Plus), developed and delivered in partnership with Government and the community sector, resulting in great outcomes for hundreds of thousands of Australians. This latest report highlights that better financial wellbeing is strongly correlated with ‘active savings’ and ‘not borrowing for everyday expenses’ which supports the focus of our community programs. These insights also enable us to do more for our customers, and assist other organisations and agencies to support people to build their financial wellbeing.
I would like to thank our Australian steering committee members for their invaluable insights as we have transitioned to this new survey model. Laura Higgins (Senior Executive Leader, Financial Capability) and the team at ASIC have provided helpful guidance and support and a willingness to share their own learnings in the spirit of collaboration and co-design. Special thanks also to Gerard Brody (CEO, Consumer Action Law Centre), Robert Drake (until very recently General Manager, Grants at Financial Literacy Australia) and Professor Roslyn Russell (RMIT University) for their invaluable insights and expertise as members of the steering committee.