MoneyMinded Report 2015 (RMIT University)

1. Description of the programme
2. The study
3. Key findings
4. Points to consider

• Description of the programme
• The study
• Key findings
• Points to consider
• Full report

Description of the programme

MoneyMinded is an adult financial education training programme developed by Australia and New Zealand Banking Group (ANZ) in 2002 and delivered by community organisations across Australia, New Zealand and the Asia Pacific region. MoneyMinded is a suite of financial education resources comprised of eight topics separated into 19 workshops which can be tailored to meet the needs of individuals. In 2015, ANZ piloted a small business version of MoneyMinded called MoneyMinded Business Basics with 144 participants in Papua New Guinea. The programme aimed to build the financial capabilities and business skills of potential or new micro-entrepreneurs. The workshops were mostly held over two days and were conducted by qualified MoneyMinded trainers.

The study

MoneyMinded has been evaluated regularly since 2003. It is difficult to compare results of the evaluations because the programme is adapted to suit the needs of targeted groups - using different content and varying delivery modes. Along with estimating the reach of MoneyMinded across Australia and the Asia Pacific, this evaluation focused on the pilot programme MoneyMinded Business Basics delivered in Papua New Guinea to micro-entrepreneurs.

The aims of the MoneyMinded Business Basics evaluation were to:

1. Assess the participants’ changes in financial and business knowledge, confidence, attitudes, skills and practices
2. Identify participants’ wellbeing outcomes
3. Collate feedback on the programme and identify areas for improvement of the programme
4. Identify further needs of micro-entrepreneurs to help strengthen their business success.

A participant survey and interviews with participants and stakeholders were used in the evaluation. Thirty-two participants completed the survey. Interviews were conducted with nine programme facilitators, four participants and 12 internal and external stakeholders.

Key findings

There were positive changes in financial and business knowledge, confidence, attitudes, skills and practices across a range of measures, with the most substantial changes being:

• Financial behaviour:
  • Developed a succession plan: before = 19%, after = 63%
  • Having a longer term financial goal: before = 52%, after = 100%.
• Financial capability (mindset):
  • 91% felt they were ‘better off’ financially after the programme
  • Able to plan ahead: before = 61%, after = 96%
  • Control over money: before = 54%, after = 100%
  • Confidence in saying ‘no’ to family members when asked for money: before = 39%, after = 82%
  • 87% felt less stressed about the future.
• Financial capability (ability):
• Being able to ‘make ends meet’: before = 54%, after = 100%
• Unable to save: before = 37%, after =10%
• 97% felt they were better able to provide for their families.
• Financial capability (connection):
  • 94% felt more connected with their community.
• Other outcomes:
  • Participants felt more satisfied with their life as a whole, their financial situations, personal relationships and how they managed their business.

Points to consider

• Relevance:
  • The report features evaluation of MoneyMinded Business Basics for small businesses in Papua New Guinea. It also provides an annual update on the reach and impact of the general MoneyMinded programme.
• Methodological limitations:
  • There was no comparison group to determine causality, and caution must therefore be exercised when interpreting the results.

Full report

MoneyMinded Report 2015 - full report