Global Money Week

2016 Australia Money Week

Leading Organizations:
Australian Securities and Investments Commission
Mortgage & Finance Association of Australia

Participating Organizations:
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 events:
14th - 18th of March

Total number of children & 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 has communicated, "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 young 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 in educating young people about money management and savings. During the entire week, the GMW celebrations highlighted the importance of saving and how children will be able to wisely invest on their futures.

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