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July 2006, Issue 6 |
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In this Issue:
- Message
from Ralph Norris
-
NZ financial literacy expert shares learnings
- Losing the ‘L’ plates when it
comes to money
-
Launch of Commonwealth Bank Foundation Speakers
Program
-
Financial Literacy Grants
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Message from Ralph Norris, Chairman, Commonwealth
Bank Foundation |
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Collaboration
needed to address financial literacy
levels
At
a recent conference hosted by The
Australian Bankers’ Association,
a range of experts, policy makers
and bank representatives gathered
together to discuss how to help
more Australians build financial
literacy skills.
This
type of forum shows that the push
to increase financial literacy levels
is gathering pace. Although much
progress has already been made,
there is still more to be done.
Approximately
1 in 12 Australians are at risk
of bankruptcy by the age of 25.
OECD research indicates that at
the international level, many consumers
still believe financial information
is difficult to find and understand.
Our
own research, conducted in conjunction
with Monash University during 2005,
revealed that if we focus our efforts
on improving the financial literacy
of 10% of the population with the
lowest understanding in this area,
Australia’s economy could
be boosted by $6 billion per year
and 16,000 new jobs could be created.
I
gave the closing address at this
conference and highlighted the need
for greater partnership between
the banks, financial institutions
and financial counsellors.
The
banking industry has a role to play
in working with the Australian Financial
Counselling and Credit Reform Association
and financial counsellors to help
fill the gaps and provide assistance
through financial education to consumers.
We will look for other industries
and organisations to also follow
suit.
One
of our initiatives to develop the
money management skills of young
people is the Commonwealth Bank
Foundation Financial Literacy Grants
program. I would encourage all secondary
schools to apply for one of these
grants before 4 August.
Thank
you again for your continued support
of the Commonwealth Bank Foundation’s
work in improving financial literacy.
Ralph
Norris
Chairman, Commonwealth Bank Foundation
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| NZ
financial literacy expert shares learnings
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Lyn Morris, Financial Education National
Director, Enterprise New Zealand Trust.
As
part of its efforts to raise awareness about
international best practice in financial literacy
programs, the Foundation arranged for Lyn
Morris, an expert in financial literacy in
New Zealand, to share her insights and learnings
with education representatives and teachers
following the recent Australian Bankers’
Association financial literacy conference
in Sydney.
As the Financial Education
National Director for the Enterprise New
Zealand Trust, Lyn has been involved in
setting up financial education programs
for school students in New Zealand since
1997.
The Enterprise New Zealand
Trust has developed financial literacy programs,
teaching material, resources, assessment
and also conducts professional development
for students and teachers in years 1–13.
Material is provided to schools via a one-stop-shop:
www.financialeducation.org.nz.
The initiative has been
so successful that about 25% of all New
Zealand secondary schools have chosen to
be involved with one or more of Enterprise
New Zealand Trust’s programs. Teachers
have recognised the need for students to
become more financially literate and many
are keen to adopt the learning material
as part of their business studies or vocational
programs.
As a result of the Trust’s
work, the New Zealand Qualifications Authority
now requires that certain assessment standards
are part of the leaving qualifications for
senior secondary students.
This latest development
provides legitimacy to the Personal Finance
teaching programs and reinforces the importance
of financial literacy in young people. A
Personal Finance Curriculum has been developed
and can be accessed at: www.financialeducation.org.nz.
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| Losing
the ‘L’ Plates when it
comes to money |
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Over
200 people attended the inaugural StartSmart
Youth Financial Literacy Forum held in Sydney
on May 16. Hosted by the Commonwealth Bank
Foundation, the forum brought together parents,
teachers and young people to discover how
to start a smarter financial future for
other young Australians.
A
diverse range of insights were shared on
the day, focusing on our young people and
the challenges we face in improving their
money management skills. Some of these insights
confirmed what we know, others gave us a
totally different perspective on this important
issue.
The
Forum gave us an opportunity to ask young
people how they like to receive information
about money, what information they would
like to receive and to listen to their feedback.
The
message was clear - today’s teenagers
do not want to go looking for information,
they want it delivered to them quickly,
conveniently, in a simple language and via
a technology they use. The feedback also
clearly identified an important influencer
of young people – over 90% responded
that their parents were the first stop in
their quest for money management information.
This
feedback raises two important questions:
1. As parents, are we positive or negative
money role models for our children?
2.
As educators, do we focus enough attention
on the ‘influencers’ of our
young people, making sure they have the
skills they need to be positive role models?
The
Commonwealth Bank Foundation’s focus
for financial literacy remains very much
on the future – working with young
people to equip them with financial literacy
skills that can take them successfully through
life. We are now using the results and feedback
to develop new and innovative programs to
help our young people lose the ‘L’
plates when it comes to money.
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Launch of Commonwealth Bank Foundation
Speakers Program |
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Barbara Roache-Ah
Wong,
Bankstown Area Office Sales Coach, Commonwealth
Bank.
The
Commonwealth Bank Foundation has launched
a Speakers Program to educate more students
and teachers in financial literacy. The
Program has been designed for secondary
schools.
The
Speakers Program involves trained representatives
from the Bank visiting students in years
9-11. The speakers will make 45 minute presentations
on the importance of financial literacy
in the students’ daily lives. This
Program is designed to develop the skills
of young people and assist them to make
informed decisions about their personal
finances.
The
Commonwealth Bank Foundation Speakers Program
has four modules available to schools:
- Earning
an Income (years 9-10)
-
Bank Accounts (years 9-10)
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Managing your Money (years 9-10)
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Investing (year 11).
Barbara
Roache-Ah Wong, Bankstown Area Office Sales
Coach has just finished being trained and
says she is really looking forward to starting
the Speakers Program.
“I
think that it will be very rewarding working
with the students and giving them skills
that will help them throughout the rest
of their lives. I’m planning to do
about 10 presentations per year in my nominated
area,” said Barbara.
To
date, 36 Bank staff have been trained to
deliver the Program in Sydney, Melbourne
and Brisbane. There are plans underway to
roll out the Program to the rest of Australia
in 2007.
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| Applications
for Commonwealth Bank Foundation Financial
Literacy Grants closing soon |
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Jessica Poonan
(student), Heather Brown (Head teacher)
and Sheetal Sharma (student) from Liverpool
Girls’ High School.
STOP
PRESS! The 2006 Commonwealth
Bank Foundation Financial Literacy Grant
applications are about to close!
The
Financial Literacy Grants are open to all
secondary schools across Australia to help
develop the financial literacy skills of
students in years 7-12.
The
Foundation invites schools to apply for
a grant of $3,500 each to develop student
programs to create awareness, skill and
understanding in financial literacy. Applications
for the 2006 grants are closing on 4
August, 2006.
One
hundred grants (100) are available Australia-wide.
Mobile
Mania at Liverpool Girls’ High School
Mrs
Kym Orman, Principal, Liverpool Girls’
High School in south western Sydney said
that being awarded a Commonwealth Bank Foundation
Financial Literacy Grant has made a difference
in a target group of students and their
ability to manage their mobile phone usage.
“The
grant allowed us to develop a program to
increase the girls’ financial literacy
and give them skills they can use in later
life. We wanted to give students some practical
skills and knowledge around managing their
money, particularly their mobiles, because
children 15 years and younger can get into
serious mobile phone debt – sometimes
up to $2,000 a month.
“Our
students have developed the skills to act
responsibly with their mobiles and as a
result, they are more empowered to make
informed decisions about related financial
situations. I’d definitely encourage
every school to apply for a grant,”
said Kym.
Register
your school online to receive your Commonwealth
Bank Foundation Grant Application Guide.
The
Guide contains everything your school needs
to organise and lodge your application online,
including the judging criteria and tips
for submitting a winning idea.
Schools
must submit their applications online via
the 2006
Application e-form by 4 August, 2006.
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