The ANZ and RMIT University have released a report that indicates a strong connection between financial skills and overall wellbeing.

 

The Reach and impact of MoneyMinded in the Asia Pacific 2010-2011 report surveyed 171 participants of the MoneyMinded program across Australia, Fiji and Papua New Guinea.

 

The key findings for Australia were:

  • 80% felt less stressed about the future and 90% stated they had more confidence in other aspects of their life
  • 92% encouraged their children and family members to save money
  •  66% cut back on spending in order to increase their monthly savings deposits, with 91% reporting a greater capacity to make ends meet.

 

The key findings for Fiji and Papua New Guinea were:

  • 74% increased their monthly savings deposits and nearly all, 97%, reported a greater capacity to make ends meet
  • 91% encouraged their children and family members to save money
  • Life satisfaction increased for 51%.

 

 Philip Chronican, ANZ Australia Chief Executive Officer said: “This year’s study shows a clear linkage between improved savings and reduced stress in participants’ lives.

 

The study’s author, RMIT’s Professor Roslyn Russell, said: “This year’s survey is one of the most comprehensive assessments we’ve undertaken into MoneyMinded since ANZ launched the program back in 2004.