FINANCIAL LEARNING PROGRAMS KEY TO IMPROVING MONEY MANAGEMENT SKILLS OF STUDENTS

2014 Commonwealth Bank Foundation Teaching Awards recognise outstanding teachers who are helping improve the financial literacy of young Australians. Applications now open.

The Commonwealth Bank Foundation is today calling for applications for the 2014 Teaching Awards, giving teachers the opportunity to be recognised and awarded $10,000 to fund an existing or new financial education initiative in their school. 

The Commonwealth Bank Foundation Teaching Awards acknowledge and celebrate inspirational teachers who are building the money management and financial awareness skills of their students.

According to research¹, Australian high school teachers believe their students are unprepared when it comes to understanding simple financial exercises. The research revealed that 70 per cent of teachers were concerned their students did not know enough about earning interest on bank savings or setting personal budgets (69 per cent). In addition, it showed that 74 per cent of teachers believed their students did not set personal financial goals or understand the benefits of using only one super fund (95 per cent).

Teachers play a critical role in helping to improve money management skills of Australian students and the Commonwealth Bank Foundation Teaching Awards recognise this important contribution. 

Now in its third year, the Commonwealth Bank Foundation Teaching Awards has funded a range of fun and innovative programs. Past award recipients have created initiatives such as Farm Based Enterprises, which sees students run a working farm that teaches the value of sustainability and budgeting, and the Posh Car Wash program which saw students undertake market research and create a business plan. These programs and many others around the country are instrumental in getting students involved and excited about financial education.

Ian Narev, Commonwealth Bank Chief Executive Officer and Foundation Chair said, “Money management skills enable students to make well-informed, independent financial decisions. We know there are many inspiring teachers who are developing these skills in students through unique, engaging and innovative financial literacy programs. We believe these teachers deserve recognition, and we are pleased to play a part in that.”

To reward teachers for their exceptional contribution to building fundamental financial skills for students, the Commonwealth Bank Foundation will award 15 teachers from across Australia with $10,000 each to further develop their financial learning program, as well as $2,000 for each winning teacher.

Applications for the 2014 Teaching Awards are open until Friday 16 May 2014. Kindergarten to Year 12 teachers in Australian schools are eligible to apply. Winners will be announced on Friday 25 July 2014.

The online application process is simple. To apply, teachers must outline their financial education program, or a program they plan to implement. Visit www.commbank.com.au/teachingawards

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Notes to editors:

About the Commonwealth Bank Foundation

The Commonwealth Bank Foundation was established in 2003 to improve the financial literacy of young people. The Foundation delivers a range of educational programs, including our award-winning StartSmart workshops, which will reach more than 275,000 Australian students this year. The Foundation’s programs are educational and do not promote the products or services of the Commonwealth Bank.

¹ About the research:

• The study was conducted among 196 teachers of year 9-12 students who were surveyed about their students’ financial literacy.
• Research was conducted throughout Australia including both capital and non-capital city areas.
• Fieldwork commenced in October 2012 and was completed in May 2013.
• The research was commissioned by the Commonwealth Bank Foundation and conducted in partnership with the Australian Council for Educational Research.