Digital training sees financial skills double: CUA
A new survey by Credit Union Australia, the Australian Red Cross and Infoxchange has shown that with the right training, people can quickly learn how to use digital tools to better manage their money.
Almost 80 per cent of people felt confident using digital tools to manage their money after completing a new 90 minute course, compared with only 28 per cent surveyed before taking the Digital Springboard training.
The course was designed and delivered through the Connected Future partnership, an Australian-first collaboration between the three organisations, using CUA employees as digital and financial skills trainers.
“This survey shows we have a unique opportunity to empower our communities through this training and help boost financial and social outcomes,” says Allison White, Head of Communications and Community at CUA. “We can use our financial strengths for positive social impact – helping the people who need it the most.”
People with digital skills are more likely to have better money management practises and save twice as much*. Despite this, one in five older Australians do not use the internet** and 2.5 million Australians are not online ***, so CUA wants to be part of the solution, says Ms White.
CUA has so far funded two Digital Springboard courses, ‘Simple ways to keep your money safe online’ and ‘Tools and tips to keep your budget on track,’ which ran from August to December 2020. Both courses were interactive so attendees could ask questions and receive support resources.
Almost 200 people completed the training, which was open to anyone 16+ and was advertised through community centres such as libraries, as well as through the Red Cross and other outlets. The sessions were conducted online and in person in Queensland, New South Wales, South Australia, Victoria and Tasmania.
The survey was conducted post-training, and revealed that participants doubled their knowledge about day-to-day money management practises, which can help them stay on track with their finances.
At the conclusion of the training:
- 81% of participants said they knew quite a bit, or a lot about useful money management practices;
- 78% felt quite or very confident about using digital tools to manage money;
- And, 100% of participants reported an increase in confidence in their digital skills.
“The COVID-19 pandemic has triggered a dramatic rise in online activity as people have avoided physical shops and banks,” Ms White says.
“CUA is committed to supporting people to build their financial and digital skills, both by funding, and by providing trainers for the new Digital Springboard courses.”
CUA will take these learnings and continue to work with the Australian Red Cross and Infoxchange through their Connected Future partnership, which aims to grow financial and social wellbeing through digital and financial skills.
Please see https://www.cua.com.au/about-us/cua-community/connected-future for more details.