Assist Parents With Financial Literacy - The Smith Family
Recent research suggests that 44 percent of households on incomes of less than $50,000 per annum do not have the skills to make sound financial decisions. The Smith Family is working to improve financial literacy among disadvantaged communities in a number of ways.
MoneyMinded, run in conjunction with ANZ, is a comprehensive adult financial education program designed to assist those with low financial literacy levels better understand and make informed decisions about their money.
Saver Plus is an initiative of Brotherhood of St Laurence and ANZ, delivered in partnership with Berry Street, The Benevolent Society and The Smith Family and other local community agencies. The program is funded by ANZ and the Australian Government Department of Families, Housing, Community Services and Indigenous Affairs, with ANZ providing matched savings for participants. Saver Plus is designed to assist low income earners build assets and move towards self-sufficiency and long-term prosperity. RMIT University research findings highlighted in the 2011 Saver Plus Summary Report, show that 86.6 percent of past participants are saving the same amount or more since completing Saver Plus. This is 16 percentage points higher than the previous follow‐up study. Saver Plus is currently being facilitated in 61 regions throughout every state and territory around Australia with The Smith Family delivering it to 25 of those communities.
No Interest Loan Scheme - NILS
NILS enables low-income earners to borrow small sums of money without having to pay any interest. This money can be used to purchase white goods such as refrigerators, washing machines and dryers as well as beds or mattresses to a maximum value of $800. The Smith Family coordinates this program in Melbourne's inner suburbs however a variety of other community organisations facilitate the program in other parts of Australia.
Financial Literacy Course
The focus of the financial literacy course is not investment or wealth creation but rather the essentials of money management and the delivery of tools and techniques that will enable participants to achieve their financial goals. The Smith Family has taken selected activities from the entire MoneyMinded resource and developed our financial literacy course consisting of five 2.5-hour sessions. The Financial Literacy Course was developed using the MoneyMinded resource which was created with the leadership and support of ANZ.