Commonwealth Bank Foundation

In 2003, the Commonwealth Bank (the Group) established the Commonwealth Bank Foundation, building on the Bank’s community activities and contributions towards education and financial literacy over the previous 70 years.

The Commonwealth Bank Foundation encourages developments in education, in particular the financial literacy skills of young Australians and Indigenous Australians. It aims to create awareness, skill and understanding of the benefits of a more financially literate community.

The Foundation was set up with a $70million contribution from the Group but it is very careful not to support activities which could be viewed as directly or indirectly marketing the Commonwealth Bank’s products or services.

At this time, the Foundation is running and developing its own education programs and is not seeking applications for funding from other organisations.

The Foundation’s programs

Australian Financial Literacy Assessment (AFLA) – a tool to identify Year 9 and 10 students’ financial literacy strengths and weaknesses.

National Financial Literacy Curriculum Resource – free resource to help teachers improve their students’ knowledge, skills and understanding of financial literacy.

Financial Literacy Grants – grants of $3,500 each are awarded to 100 secondary schools to develop tailored money management programs.

StartSmart – programs for secondary school students and their teachers.