ANZ’s 2016 Vietnam MoneyMinded Impact Report has proven to improve participants’ ability to save and increased their confidence in managing money.
The lender released the results of its 2016 Vietnam MoneyMinded Impact Report on Monday, which was independently compiled by the Institute of Economic and International Trade – Foreign Trade University, Vietnam. The majority of participants showed an improvement in their overall satisfaction with life after participating in the program.
“ANZ believes that basic money management skills are essential to modern life. Over the past four years in Vietnam, our MoneyMinded programme has helped over 1,400 people develop these skills, and strengthen their knowledge and confidence,” noted Dennis Hussey, ANZ Vietnam CEO.
“Before the MoneyMinded programme, I used to think that VND10,000 was too small for saving. However, I now understand the importance of saving – even a tiny amount saved will gradually increase the amount to be used in case of an emergency,” said a MoneyMinded participant.
“We are delighted at the results of the impact report, and are pleased that we have improved the overall wellbeing and quality of life of the participants and their community here in Vietnam,” said Hussey.
Since 2003, ANZ’s award winning financial literacy education program MoneyMinded has reached more than 360,000 people in Australia, New Zealand and the Asia Pacific region.
ANZ was one of the first foreign banks in Vietnam when it opened in 1993. In addition to the bank’s flagship financial literacy program – MoneyMinded, Project 3E (an ANZ and Saigon Children’s Charity’s joint community initiative) has opened a total of seven schools having a positive impact on over 1,100 young people’s lives in Long My, Hau Giang.
In 2015, ANZ and Blue Dragon Children’s Foundation launched the ANZ Career Preparation program following the success of ANZ Kickstart program in the previous year, benefiting hundreds of disadvantaged youths and families to date.
“I’m very pleased to learn that this group of Blue Dragon’s beneficiaries have greatly benefited from MoneyMinded. The reach has extended beyond the participants themselves to their family and friends. This is extremely important in helping the more vulnerable groups in the community improve their financial skills to create better futures,” said Michael Brosowski, CEO and founder of Blue Dragon Children’s Foundation.
MoneyMinded has raised awareness and had a positive impact on the saving habits of participants. The majority of participants understood that even with limited income, they could still save money for their future. Before MoneyMinded, 40 per cent respondents were unable to save; this has reduced to 16 per cent only after the programme.
MoneyMinded has improved participants’ money management. Before MoneyMinded, 64.6 per cent of the respondents found it difficult to cover expenses and pay bills. Following the programme, the majority of participants had no or little difficulty paying their bills on time and having money available on their next payday.
MoneyMinded has expanded participants’ financial horizons. Participants are reported to be able to plan ahead for a longer period of time. After MoneyMinded, 79 per cent of respondents agreed that the way they manage their finances at present will affect their future, compared to 56.3 per cent before the programme. In addition, 72 per cent agreed that they are able to plan ahead, increasing from 42 per cent before the programme.
After MoneyMinded, 77 per cent of respondents agreed that they were no longer stressed about their future and 73 per cent agreed they felt confident in other aspects of their life. 72 per cent agreed that they were able to better provide for their family. Around 80 per cent of respondents agreed that MoneyMinded gave them a chance to get to know new people and feel more connected with their community.
By Tay Lan
- Vietnam – Germany strategic management group convenes fifth meeting
- World’s biggest money manager to add Indian bonds after selloff
- OnMobile joins hands with Samsung to build and manage its contests ecosystem
- Vietnam values relations with Germany: Deputy PM
- Japan ready to assist Vietnam in natural disaster preparedness
- 2020 important year for Vietnam-Germany ties
- Vietnam assumes ASEAN Chair
- Jaguar Land Rover saves 2,500 jobs by building new electric cars in the UK
- Vietnam, Laos seek to boost trade by 10-15 percent
- Vietnam’s manufacturing sector recovers in November