- within International Law, Government, Public Sector and Tax topic(s)
- with Senior Company Executives, HR and Inhouse Counsel
- in United Kingdom
- with readers working within the Healthcare, Metals & Mining and Securities & Investment industries
As digital technology becomes increasingly essential to our day-to-day lives, so does the need to address the barriers to digital inclusion in the community.
At ANZ, our commitment to financial education is long-standing and spans all areas of our business. We aim to support our customers to make the most of their money and improve their financial wellbeing throughout the course of their lives – no matter what their circumstances.
Beyond providing core banking services such as home loans, personal loans or credit cards, we are proud to play a key role in the community by leading research and thinking about what drives financial wellbeing and working alongside our community partners to deliver financial education programs.
The Digital Divide in Australia
A research report commissioned by ANZ and conducted by the University of South Australia delves into the topic, asking older Australians about the challenges they face when using digital banking.
We know digital banking has created great opportunities for people to bank wherever they need to in a fast and secure way. And while older Australians appear to be adopting digital banking at a similar rate to other age groups, the research tells us that some older Australians hold concerns about online privacy and security, and there can be challenges with the accessibility of online platforms, channels and digital devices.
In an increasingly digital world, scams and cybercrime also pose a significant threat to the financial wellbeing of Australians.As a growing societal problem, there is a need for a collaborative approach to drive access to and education about digital platforms and technology, and the risks and challenges that come with the landscape.
The 2023 latest Australian Digital Inclusion Index also highlights affordability as one of the largest barriers to digital inclusion1.
The report measures three core components of digital inclusion – access, affordability and digital ability – all three of which must be addressed to help create a more equitable and inclusive digital society.
The current cost of living crisis only reinforces the importance of financial education– at any age and stage of life – with a focus on digital inclusion.
Financial Education Programs
What role does a bank play in community education? At ANZ our purpose is "to shape a world where people and communities thrive" and our financial education programs are a core component of this.
MoneyMinded is an adult financial education program that supports people to build their knowledge, confidence, and skills to make informed decisions and manage their money. It is ANZ's flagship program to improve financial wellbeing in the community, supporting ANZ's purpose to help shape a world where people and communities thrive.
When MoneyMinded was developed in collaboration with the NSW Department of Education and Training, Financial Counselling Australia, the Financial Counsellors Association of NSW and The Australian Securities and Investments Commission, we could never have envisaged the significant impact this program would continue to have more than two decades later.
This success is a testament to the strong partnerships we have with the community sector in Australia, including our current delivery partners: Brotherhood of St. Laurence, Berry Street, The Smith Family, Private Training Establishments (PTEs) and community organisations across New Zealand, as well as numerous delivery partners throughout Asia and the Pacific.
ANZ provides free MoneyMinded Coach Training for community sector professionals and financial counsellors, delivered by one of our community partners. Once completed, accredited Coaches can use MoneyMinded with their clients in the community.
We also provide accredited MoneyMinded Coaches with free access to ongoing training and resources to support their delivery of the program. Coaches will often tell us that one of the most useful features of the program is its flexibility and adaptability to suit the preferred learning mode, context, and cultural needs of participants. The program can be delivered standalone, or integrated with existing programs and services which the Coaches are running in the community.
Building digital confidence
In June this year, MoneyMinded established new content designed to build digital confidence and capability using digital devices. The digital confidence module starts with the basics of how to use a device and participate online safely and builds skills to engage with internet and mobile app banking.
While the module is still relatively new, MoneyMinded Coaches who have been trained to deliver the content have reported that they find the content relevant to their client base. They have called out the topics covering smart device basics and app use as well as computer basics and online safety basics as both practical and helpful.
The Digital Confidence module was rolled out shortly after we established a customer referral pathway for repeat and entrenched scams victims to access a free scams financial education workshop.
Delivered in partnership with the Brotherhood of St Laurence, scams victims are referred to a free facilitated workshop which outlines how to identify and protect yourself from various types of scams, including investment, dating, phishing, remote access, and employment scams. These education workshops follow the launch of a Scams MoneyMinded module in 2024, which is also available to all MoneyMinded Coaches.
Together, the digital confidence module and Scams module and referral pathway areplaying a role in scam prevention and encouraging members of the community to navigate the ever-changing digital world with more confidence.
The importance of strong community partnerships
In partnership with ANZ, The Smith Family is offering specialised training in the Digital Confidence module to all existing MoneyMinded Coaches as they begin to use the resources with their clients and services the Coaches are running in the community.
Speaking about the Coach training, one participant said: "I have a lot of clients who come into our office to use the computers with support, this will better assist me in supporting their needs in becoming confident with technology surrounding employment income and spending".
Another Coach commented that "I am running a session soon with young, new mums and will focus on the scams content".
We know the success of our programs is only made possible by our long-standing community partnerships and many wonderful community professionals and volunteers. In the case of our Digital Confidence module, we are proud to be partnering with The Smith Family – an organisation that believes that education is one of the world's most powerful change agents and has a long history working with communities across Australia to effect change.
View the full NEXT Edition 9 here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
