Nearly two decades of insights
- By Shayne Elliott, Chief Executive Officer and Maile Carnegie, Group Executive - Digital and Australia Transformation and Financial Wellbeing Sponsor at ANZ
It is our pleasure to present the findings of the 2021 ANZ Financial Wellbeing Survey, the seventh iteration in the series in Australia since 2002 and the second iteration in New Zealand.
ANZ has been exploring the financial literacy, capability, attitudes and behaviours of Australian adults for almost two decades. The 2021 survey continues to draw on the work of Emeritus Professor Elaine Kempson but importantly, also takes into account the considerable evolution in thinking about financial wellbeing and capability domestically and internationally in recent years.
The 2021 survey report demonstrates an improved understanding of how socio-economic context and life events can influence financial confidence, attitudes, behaviours and financial wellbeing.
We recognise the importance of financial wellbeing across the whole population in sustaining a healthy and inclusive economy. We have applied insights from our surveys to inform ANZ’s flagship financial education programs, Saver Plus and MoneyMinded. These programs involve close collaboration with partners from the community and government sectors and have resulted in fantastic outcomes for hundreds of thousands of people across Australia, New Zealand and the Asia Pacific.
Our industry has a unique opportunity to better support people in developing their money skills and confidence, through everyday banking and conversations with customers. ANZ’s purpose – to shape a world where people and communities thrive – directly underpins our strategy of improving the financial wellbeing and sustainability of our customers.
Our Financial Wellbeing Programs in Australia and in New Zealand have helped our customers improve their financial knowledge and transform their attitudes and behaviours towards money. Since its launch in early 2020, the Financial Wellbeing Program has supported nearly 1.25 million people get on top of their money.
We continue to support our customers to save through the ‘set a savings goal’ feature in the ANZ App in Australia. In-app progress displays and notifications help our customers better manage their money, encouraging them to stay on track and celebrate milestones along the way. Since the introduction of the ‘set a savings goal’ feature in 2019, more than 530,000 goals have been set by 310,000+ customers in the ANZ App. Customers with a goal have a savings balance two times that of a customer without a goal and save more than two times faster than they did before setting a goal.
Looking ahead, the ANZx program of work is set to deliver for our customers now, and well into the future. We are building a range of propositions under the brand ANZ Plus, focused on improving our customers’ financial wellbeing. The new way to bank – with and intelligent mobile banking app, reimagined bank accounts, and access to coaches – will help people to manage their money better by spending less, saving more and building healthy money habits; all designed to help our customers improve their financial wellbeing over time.
We hope the insights from this survey will also help the broader industry, government and the community sector, to better understand what supports financial wellbeing and develop effective ways to build financial wellbeing for all.
Finally, we would like to acknowledge the survey participants across Australia and New Zealand from different socio-economic backgrounds, life stages and locations, who gave their time and so generously shared details of their habits, attitudes and financial circumstances.
Shayne Elliott is Chief Executive Officer and Maile Carnegie is Group Executive - Digital and Australia Transformation and Financial Wellbeing Sponsor at ANZ