2017 Australia Global Money Week
NUMBER OF CHILDREN REACHED DIRECTLY:
- 11 688
NUMBER OF CHILDREN REACHED INDIRECTLY:
- 87 534
Australia has continued their celebration of Global Money Week for the second year together with the joint leadership of the Australian Securities and Investments Commission (ASIC) and the Mortgage and Finance Association of Australia (MFAA). Activities have both involved national and local engagements within the communities that the organizers were present. These activities ranged from providing financial literacy materials that were released through the national education platform, or by going forward with awareness-raising campaigns organized by local finance practitioners to their schools.
To mark Global Money Week, ASIC's MoneySmart offered practical tips and resources for parents to help them teach children about money to establish good money habits for life. “The development of mobile banking and online shopping reinforces the importance of teaching kids about money matters to help them develop sound financial habits for life”, Peter Kell, ASIC's Deputy Chairman, said “for parents, there are many situations in everyday family life that present opportunities to talk to children about managing money, including the basics such as how to budget, spend and save." In this program, ASIC’s MoneySmart offered the following practical tips to help parents have money conversations and modules with kids:
- At the ATM: explain where the money's from and how you've earned it- it's not just a hole in the wall where money comes out.
- At the supermarket: prepare a list, research prices, and show how you can save money if you shop around.
- Budgeting: involving kids in discussion about family budgeting can prompt learning about differentiating between needs and wants, costs and spending. ASIC's MoneySmart Budget Planner is a great tool you can use.
- Pocket money or income from a part-time job present opportunities to discuss setting financial goals and saving up for them and understanding the value of money.
- Mobile phones – discuss options for phone plans and checking and managing data usage to control costs.
- Encourage older children to visit ASIC's MoneySmart website and use its free calculators, apps and resources, as well as tailored information for young people starting out.
Supplementing the national efforts led by ASIC, the MFAA had nationally and locally coordinated activities and initiatives that involved finance and mortgage practitioners across Australia. This has resulted in a number of campaigns and activities across Australia that taught and encouraged money awareness and a readiness to deal with financial matters. The MFAA’s large network of finance and mortgage professionals did this by independently organizing activities in their local communities aligning with this year’s theme “Learn. Save. Earn.”. The focus of the member finance and mortgage professionals were to not only involve children in their activities, but also their parents, as they believe that the dialogue between children and parents on spending money is crucial to a child’s money management habits.
2016 Australia Money Week
- YMCA St. Marys, Blackett Public School, MGC, St Brgids Primary School in Nerang, The Grance Community Centre, Walford College, St. Spyridon College, Elderslie High School, Asquith Girls High School, YMCA Werrington County OSHC, University of Wollongong Innovation Campus, St Mary Star of the Sea College Wollongong, North Sydney Boys High School, Beverly Hill Girls High School, North Sydney Girls High School, Buddharangsee Thai Community Language & School, Dhammachai Education Foundation, Lourdes Hill College, Sylvania Heights Public School, Oberon High School, Attwood House Community Centre, Hornsby North Public School, Mercy College, Sydney Grammar School, Caroline Chisholm College, Mary Mackillop Primary School, Dapto High School
DATE OF EVENT:
- 14th - 18th of March
TOTAL NUMBER OF CHILDREN AND YOUTH ENGAGED:
- 6 800
Australia celebrated Global Money Week for the very first time through the efforts of the Australian Securities and Investments Commission (ASIC) and the Mortgage and Finance Association of Australia (MFAA). The activities that were done across Australia ranged from creating and distributing financial literacy materials to publishing and releasing nationwide awareness-raising campaigns.
To mark Global Money Week 2016, ASIC released practical tips and resources for parents and teachers to help them teach children about money and to establish healthy money habits for life. As Peter Kell, ASIC's Deputy Chair, stated, "in a rapidly changing world, with money increasingly invisible in many financial transactions, teaching children and young people about money matters will give them essential skills for life." He also added that "as the Australian Government agency responsible for financial literacy, ASIC is keen for young Australians to develop sound financial habits and behaviours from an early age so they can better navigate financial decisions and challenges in adult life." This whole program was named by the institution as the ASIC MoneySmart Program, which will continue on after Global Money Week. Serving as a launching platform, Global Money Week highlighted the increasing importance of financial literacy among the young people in Australia.
The MFAA, on the other hand, invited and initiated multiple campaigns and activities across Australia promoting money awareness among the younger generation. They have achieved this through the participation of the association’s large network of member finance and mortgage professionals. There were about 68 activities launched across the country that involved participation among finance and mortgage professionals, children and their parents. In addition to the activities, the MFAA has also distributed a book on financial literacy aimed to equip parents and finance professionals on how to educate young people about money management and savings. During the entire week, the GMW celebrations highlighted the importance of saving and how children would be able to wisely invest in their futures.