Individual financial wellbeing is an important foundation for strengthening financial inclusion in the community.
Cambodia’s central bank has been active in developing financial literacy to equip people with the financial know-how, heling them to budget and avoid debt.
ANZ has successfully been promoting financial literacy through the MoneyMinded, financial literacy education program for adults. Since 2003, ANZ has rolled out MoneyMinded in 21 out of the 34 markets it operates in,making it one of the most widely used programs of its type in the Asia Pacific region.
In Cambodia,MoneyMinded was first launched in October 2015, and has since been delivered to about 500 participants for free.
Leonie Lethbridge, CEO for ANZ Royal, said that “building the money skills and confidence of individuals and families, promoting healthy communities, and supporting the overall economic development of Cambodia, is core to MoneyMinded, ANZ’s adult financial literacy program.”
The MoneyMinded programme covers financial goal setting, budgeting and making money last.
Mao Ye, Community Supervisor for French NGO Pour un Sourire d’Enfant community and participant, said the programme was “fruitful and useful”, adding the importance of the programme is that it “develops the concept of money management among poor families to apply the training and achieve their dreams.”
The positive outcomes of the program are many and include changes to participants’ moneymanagement behaviour, increased confidenceand sense of control over finances, increasedlevels of saving and reduced debt, and a greaterpropensity to set goals and plan for the future.
These changes in behaviour and attitudes strengthen participants’ financial resilience by moving individuals from precarious financial situations to a position of stability, and in many cases, growth.
One participant of the programme in Cambodia reported that she “never realised where all the money is being spent. I am more aware of bank charges and interest rates and I am better able to negotiate the best services for me.”
Keo Mom, Chairwoman of LyLy Foods Co., Ltd and President of Cambodia Women’s Entrepreneur Association confirmed the success of MoneyMinded, saying it is a “fantastic and timely programme to bring to the CWEA members as it fosters clear planning and budget management skills to operate a business efficiently. Especially when we see businesses, predominantly family-type SMEs that lack proper financial recording or management.”
Building upon the great success of MoneyMinded, ANZ Royal plans to add another component to the programme. Called MoneyMinded Business Basics, the initiative was created with the aim of providing micro-entrepreneurs with the financial and business skills to start and grow their enterprises.
The programme recognises the link between the success of micro and small businesses and the wellbeing and growth prospects of communities where ANZ operates. The targeted launch for the programme in Cambodia is mid-2017.