MPower supports individuals to manage money for basic material needs, build capabilities through financial literacy and behaviour change, and to build assets through saving and disciplined money management.
Responsible money management
MPower staff talk to members about their needs, and direct them to whichever aspect of MPower can best support them to improve their financial literacy and behaviour.
MPower supports individuals and families to manage their money by:
- enabling access to internet and phone banking facilities, with or without support from staff
- helping members to overcome everyday financial struggles through ongoing family support
- equipping members with knowledge and skills around budgeting, debt reduction, banking, wealth creation and bill payments.
- providing support and advice around smart purchasing options, as well as understanding terms and conditions of purchase.
Members can build their financial literacy through a range of ongoing support sessions:
- General support sessions assist members with general advice around basic financial matters;
- “Little ‘A’ sessions” assist members to overcome specific and minor financial problems (e.g. paying a bill) to prevent them from growing into larger issues;
- Budget sessions teach members the importance of budgeting and supports them to draft their own budget;
- Money Management Tools (MMTs) teach members about banking, budgeting, debt reduction, internet and phone banking, loans, payments and wealth creation;
- Financial counselling delivered by our in-house financial counsellor, who provides information, support and advocacy around financial needs;
- Coaching consists of a series of structured sessions covering all aspects of money management, in addition to linking people with other opportunities (e.g. SET, POP etc.) to help them build strong financial literacy and improve other outcomes.
- Wise Buys supports members to get value for money when purchasing household goods and services.