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 by money management workers, who provide one-on-one financial education and information tailored to each individual.
It is an activity under the Australian Government’s Financial Management Program (FMP).
Money management services are delivered by organisations across Australia – find your nearest provider.
Services are voluntary, confidential and free.
How can money management services help?
Money management services enable people to:
- make better and informed decisions about managing their money. This includes managing money from payday to payday to ensure essential living expenses are covered (e.g. food, rent, clothing, education, regular bills)
- plan and set goals for items such as whitegoods, furniture or car repairs 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 stress.
Money management services:
- deliver education and intensive coaching in financial literacy and budgeting
- provide 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.
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 income management related Matched savings payment available through the Department of Human Services.
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 are 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:
- Money planning (money decisions and prioritising)
- Savings and spending (spending leaks, shopping tips, needs versus wants)
- Goal setting
- Introduction to banking (opening accounts, account types, different ways to pay, fees)
- Credit and credit cards
- What is debt?
- The cost of credit
- Money loans
- 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 income management have priority of access to approved money management courses.
Find an Approved Money Management Course Provider in your area.
To find out more, see the Helping you and your money go further brochure and factsheets, available in a range of languages.
To find a provider for the approved money management course in your area please visit the Approved money management course provider directory.