Understanding the linkages between prioritising needs and wants and budgeting and achieving savings goals is important – particularly for people who haven't had access to formal financial services in the past.
To bring this connection to life, and better demonstrate the outcomes of improved financial skills, confidence and knowledge, MoneyMinded – ANZ's adult financial literacy program – explores the concept of setting a goal or vision.
This is not just a nice way to start a session: as the research shows, it's actually crucial.
Each program participant creates their own vision board using the SMART (Specific, Measurable, Achievable, Realistic, Timed) Goal principle – providing participants with a reference point as they progress through the program.
MoneyMinded was recently delivered for the first time in Laos and Cambodia, where participants set their vision using the SMART Goal principle.
ANZ has a vision for MoneyMinded which we have been working towards over the five years the program has been in place in Asia and the Pacific.
By working with Governments, regulators and community partners we aim to promote healthy communities and support the overall economic development of the Asia Pacific region.
One of the significant things we have learned is that despite the cultural differences and different stages of development of the diverse countries MoneyMinded is delivered in, the critical importance of having a clear, demonstrable vision remains.