Money Management Information & Education

Money Management Services

Money management services provide practical and essential support to help people build longer-term capability to manage their money better and increase financial resilience. They are delivered in remote locations with high Indigenous populations. Services are voluntary, confidential, free, and open to the broader community. People with complex financial issues or those in financial stress or crisis will be connected to financial counsellors and/or Emergency Relief services, as well as to other support services. Participating in Money Management programs empowers people to:

  • make better and informed decisions about managing their money including managing money from payday to payday to ensure essential living expenses are covered (e.g. food, rent, clothing, education, regular bills) and share household expenses fairly
  • plan and set goals for items such as whitegoods, furniture, cars, boats and leisure goods and to put something aside for their children and the future
  • better use financial services to manage their household funds and access technology such as ATMs and phone and internet banking
  • be aware of their rights as consumers, know how to avoid exploitation when using their money and how to get better deals when making purchases
  • improve capacity to assist other people financially, or resist inappropriate requests for financial assistance
  • have an understanding of the requirements attached to home ownership
  • better deal with financial hardship and money stresses.

Money management services:

  • deliver education and intensive coaching in financial literacy and budgeting
  • provide use of tools to implement individual and family budgeting and savings, and debt management plans including on-going budget monitoring
  • organise related family support and referrals
  • assist with accessing financial institutions and financial services information
  • deliver education and information sessions relating to Money Management services that meet local community need
  • deliver approved money management courses to improve participants understanding of how to manage their money, plan for the future and find out what services are available to them.

Education and information services have developed over time and have been tailored to meet local need. Wherever possible local Indigenous workers are engaged and supported to deliver services.

Approved money management courses

Approved money management courses are free courses that can help participants to improve their financial skills. They can teach participants how to budget, how to develop a savings plan and to understand debt and credit.

Completion of an approved money management course is one of the eligibility requirements for the Matched savings scheme (income management) payment available through Centrelink.

Approved money management courses can be delivered by money management services, some Commonwealth Financial Counselling Services and Emergency Relief organisations as well as some non-government funded organisations.

Most courses will be run through a series of workshops or lessons over several days. Some course providers will run their courses over two or three consecutive days, while others may deliver workshops over longer periods of time, to coincide with visits to remote communities for example.

There are 10 subject areas covered during an approved money management course:

  1. Budgeting
  2. Money planning (money decisions and prioritising)
  3. Savings and spending (spending leaks, shopping tips, needs versus wants)
  4. Goal setting
  5. Introduction to banking (opening accounts, account types, different ways to pay, fees)
  6. Credit and credit cards
  7. What is debt?
  8. The cost of credit
  9. Money loans
  10. Consumer rights and responsibilities.

These subject areas are based around the Financial Literacy Competency Standards from the Financial Services Training Package (FNS04).

People participating in compulsory income management have priority of access to approved money management courses delivered by FaHCSIA funded money management and Commonwealth Financial Counselling services.

Find out more about Approved Money Management Courses

Locations

Queensland

Family Income Management operates in Aurukun, Coen, Hope Vale, and Mossman Gorge. Family Income Management supports the Cape York Welfare Reform initiative. Services are provided by Cape York Partnerships Money management services have been operating in Yarrabah and Palm Island since 2008. Services are provided by the Indigenous Consumer Assistance Network (ICAN).

Northern Territory

Money management services have been delivered by community organisations since 2005 in Nguiu, Galiwinku, Katherine and Tennant Creek. Money management services have been expanded significantly since 2008. A recent expansion of services will increase the number of locations serviced to approximately 180 by February 2011.

Western Australia

Money management services have been delivered by community organisations since 2005 in Geraldton and Kununurra. As at the end of September 2010, five organisations are delivering money management services in the Kimberley Region servicing Broome, Derby, Kununurra, Halls Creek and Fitzroy Crossing. Following the recent expansion of these services, approximately 50 locations across the Kimberley Region will receive services, predominantly through outreach.

Participant and service provider resources

A number of educational resources for participants and service providers have been developed, including:

  • the MoneyBusiness Kit and MoneyBusiness Course which delivers money management education primarily in remote Indigenous communities and some regional and urban areas. The kit was developed in partnership with FaHCSIA and ANZ Banking Corporation
  • an accredited Certificate III in Community Services (with three financial literacy units of competency) has been developed to support local workers delivering services in remote communities
  • a structured education package to support home ownership and
  • an education and information package relating to Family Payments.

Related information

 

Content Updated: 20 June 2012