Financial Literacy in Action – Volume 1 (PDF 1.3MB)

Black Mountain School ACT, Lanyon High School ACT, Auburn Girls’ High School NSW, Carenne Public School NSW,
Chapel School - Youth Off The Streets NSW, Chifley College - Dunheved Campus NSW, Dubbo College NSW, Duval
High School NSW, Georges River College - Hurstville Boys’ Campus NSW, Georges River College - Penshurst Girls’
Campus NSW, HopeTown Special School NSW, Illawarra Senior College NSW, Jamison High School NSW, JJ Cahill
Memorial High School NSW, John Therry Catholic High School NSW, Kelso High School NSW, Kingswood High
School NSW, Lawrence Hargrave SSP NSW, Liverpool Girls’ High School NSW, MacKillop Catholic College Warnervale
NSW, Meriden School NSW, Moriah College NSW, Moriah College NSW, Mount St Patrick College NSW, Royal Far
West School NSW, St Patrick’s College NSW, Sydney Secondary College - Blackwattle Bay Campus NSW, Tara
Anglican School NSW, Terrigal High School NSW, Walgett Community College NSW, Yeoval Central School NSW,
Casuarina Senior College NT, Dripstone High School NT, Numbulwar Community Education Centre NT, Our Lady of
the Sacred Heart College – Sadadeen Campus NT, AB Paterson College QLD, Alexandra Hills State High School QLD,
Balmoral State High School QLD, Bracken Ridge State High School QLD, Brisbane School of Distance Education QLD,
Coolangatta Special School QLD, Corinda State High School QLD, Corpus Christi College QLD, Djarragun College
QLD, Faith Lutheran College Redlands QLD, Gympie State High School QLD, Heights College QLD, Ingham State
High School QLD, Loganlea State High School QLD, Maryborough State High School QLD, Rochedale State High
School QLD, Wynnum State High School QLD, Gawler High School SA, Golden Grove High School SA, Parndana
Area School SA , Open Access College - Senior Secondary School SA, Orroroo Area School SA, Portside Christian
School SA, Seaview High School SA, St Columba College SA, Thebarton Senior College SA, Calvin Secondary School
TAS, Claremont College TAS, Rokeby High School TAS, Winnaleah District High School TAS, Beechworth Secondary
College VIC, Brunswick Special Developmental School VIC, Eltham College of Education VIC, Haileybury College VIC,
Highvale Secondary College VIC, Irymple Secondary College VIC, Karingal Park Secondary College VIC, Kilvington Girls’
Grammar School VIC, Koo Wee Rup Secondary College VIC, Marnebeck School VIC, Maryborough Specialist School
VIC, Mercy College VIC, Monbulk College VIC, Montague Continuing Education Centre VIC, Mount Erin College VIC,
Neerim District Secondary College VIC, Peter Lalor Secondary College VIC, Seymour Special School VIC, St Columba’s
College VIC, St Monica’s College VIC, Sunshine College - Ardeer Campus VIC, Taylors Lakes Secondary College VIC,
Warragul Regional College VIC, Aranmore Catholic College WA, Australind Senior High School WA, Carmel School
WA, Cyril Jackson Senior Campus - Intensive English Centre WA, Gosnells Senior High School WA, Iona Presentation
College WA, Mandurah Senior College Flexelearning Centre WA, Penrhos College WA, Perth Modern School WA, Safety
Bay Senior High School WA, Sevenoaks Senior College WA, Melrose High School ACT, St Francis Xavier College ACT,
Albion Park High School NSW, Blacktown Boys’ High School NSW, Blacktown Girls’ High School NSW, Chifley College
- Dunheved Campus NSW, Dubbo School of Distance Education NSW, Elouera Special School NSW, Glenvale Special
School NSW, Guyra Central School NSW, Hurlstone Agricultural High School NSW, Kandeer School NSW, Kincoppal
- Rose Bay, School of the Sacred Heart NSW, Lake Illawarra High School NSW, MLC School NSW, Moss Vale High
School NSW, Presbyterian Ladies’ College, Sydney NSW, Robert Townson High School NSW, Royal Far West School
NSW, St Catherine’s School NSW, St Clare’s High School NSW, St George Girls’ High School NSW, St Mary Star of the
Sea College NSW, St Scholastica’s College NSW, Sydney Secondary College - Blackwattle Bay Campus NSW, TARA
Anglican School for Girls NSW, Ulladulla High School NSW, Walgett Community College High School NSW, Westfields
Sports High School NSW, Whitebridge High School NSW, Wollongong High School of the Performing Arts NSW,
Henbury School NT, St Philip’s College NT, Taroom State School QLD, A B Paterson College QLD, Atherton State
High School QLD, Bowen State High School QLD, Bremer State High School QLD, Caboolture Special School QLD
Corinda State High School QLD, Glenmore State High School QLD, Gympie Special School QLD, Holland Park
State High School QLD, Mansfield State High School QLD, St Michael’s College QLD, St Monica’s College QLD,
St Teresa’s Catholic College QLD, Townsville State High School QLD, Western Cape College - Aurukun Campus
QLD, Yeppoon State School QLD, Fremont Elizabeth City High School SA, Gladstone High School SA, Mary
MacKillop College SA, Rostrevor College SA, Thebarton Senior College SA, Valley View Secondary School SA,
Walford Anglican School for Girls SA, Whyalla Special School SA, Dover District High School TAS, Newstead
College TAS, Ogilvie High School TAS, Sheffield District High School TAS, Barwon Valley School VIC, Bayswater
Secondary College VIC, Berendale School VIC, Berengarra School VIC, Deer Park Secondary College VIC, Emerson
School VIC, Fintona Girls School VIC, Glen Waverley Secondary College VIC, Heatherhill Secondary College VIC,
Kalianna Special School VIC, Kilbreda College VIC, Monterey Secondary College VIC, Orbost Secondary College
VIC, Parkwood Secondary College VIC, Pembroke Secondary College VIC, Rainbow Secondary College VIC,
Rochester Secondary College VIC, Sacred Heart Girls’ College VIC, Sebastopol College VIC, Shelford Girls’ Grammar VIC, South Oakleigh College VIC, St Joseph’s College VIC, Taylors Lakes Secondary College VIC, Wodonga High
School VIC, Donnybrook District High School WA, Dowerin District High School WA, Hope Christian College WA,
Kellerberrin District High School WA, Kensington Secondary School WA, Kururrungku Catholic Education Centre
WA, Lumen Christi College WA, Nagle Catholic College WA, Pinjarra Senior High School WA, Presbyterian Ladies’
College WA, Rockingham Senior High School Education Support Centre WA, St Andrew’s Grammar School WA For more information on the Commonwealth Bank Foundation
Visit commbank.com.au/foundation email [email protected]
or phone + 61 (02) 9378 2755
Commonwealth Bank
Foundation
Financial Literacy in Action
Volume 1
‘It’s amazing what kids
are capable of doing ...
We were surprised at
their enthusiasm and
their output.’
St Clare’s High School, Taree NSW
‘Some of the kids
were really influenced
by the project, and it
may well change
their lives ... Financial
literacy is something
you have to learn.’
Kurrungku Catholic Education Centre,
Halls Creek WA
‘We did an evaluation
afterwards and found
that the kids loved it ...
They felt that this type
of hands-on learning
beat the classroom
hands down.’
Financial Literacy Grants
The Commonwealth Bank Foundation Financial Literacy Grants
have been offered since 2004 to Australian secondary schools
to build the financial literacy skills of young Australians.
The grants help schools implement an education program
that develop student’s financial literacy awareness, understanding
and skill. The overall aim is to provide young Australians with
the building blocks for money management skills that will last them
throughout their whole lives.
Each year, there are 100 grants of $3,500 awarded to schools
that put forward an effective, innovative and relevant financial
literacy education program for consideration.
The grants are available to all schools across the Catholic,
Government and Independent sectors, with students in years 7 to 12.
This brochure illustrates the impact that the grants have had in our
schools and the benefits that can flow on from being involved. In all
cases, the most successful programs have been the ones that are
sustainable and set up as an ongoing part of the school’s curriculum.
Further information about the program and application information
can be found at www.commbank.com.au/grants
St Monica’s College, Epping VIC
Black Mountain School ACT, Lanyon High School ACT, Auburn Girls’ High School NSW, Carenne Public School
NSW, Chapel School - Youth Off The Streets NSW, Chifley College - Dunheved Campus NSW, Dubbo College
NSW, Duval High School NSW, Georges River College - Hurstville Boys’ Campus NSW, Georges River College
- Penshurst Girls’ Campus NSW, HopeTown Special School NSW, Illawarra Senior College NSW, Jamison High
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two years, two hundred grants
and we’re just getting started...
B
grant case studies
E
A
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A St Monica’s College, Epping VIC
4
B Sebastopol College, Ballarat VIC
5
C St Phillip’s College, Alice Springs NT
7
DCyril Jackson Senior campus Intensive English Centre,
Bassendean WA
7
E Melrose High School, Pearce ACT
8
F Western Cape College Aurukun campus, Aurukun QLD
9
G St Clare’s High School, Taree NSW
9
H Sheffield District High School, Sheffield TAS10
I
Black Mountain School, O’Connor ACT10
J Claremont College, Claremont TAS11
K Whyalla Special School, Whyalla Playford SA12
L Kurrungku Catholic Education Centre, Halls Creek WA12
M Rostrevor College, Woodforde SA14
N Liverpool Girls’ High School, Sydney NSW15
School NSW, JJ Cahill Memorial High School NSW, John Therry Catholic High School NSW, Kelso High School
NSW, Kingswood High School NSW, Lawrence Hargrave SSP NSW, Liverpool Girls’ High School NSW, MacKillop
Catholic College Warnervale NSW, Meriden School NSW, Meriden School NSW, Moriah College NSW, Moriah
College NSW, Mount St Patrick College NSW, Royal Far West School NSW, St Patrick’s College NSW, Sydney
O Holland Park State High School, Holland Park QLD16
P Casuarina Senior College, Darwin NT16
St Monica’s College
‘Financial literacy is so
important in every aspect
of life, whether you are a
consumer or business owner.’
Location: Epping, Victoria
Metro/Regional/Rural: Metropolitan
Size of school: 1,800
Name of Program: Small Business Expo
Year of grant: 2004
Learning how to put together a business plan and
carry out a successful enterprise was the initiative
behind a successful small business expo at one of
the largest Catholic secondary colleges in Victoria.
Year 11 students enrolled in the College’s Business
Management course learnt how to outline a business
plan, which looked at the target marketplace,
their objectives and resources, and profit and loss.
They then came up with ideas for viable small
businesses, which included plenty of food stalls,
a karaoke stand, a photography exhibition, a model
car stand, and a sporting competition stall. The students
advertised the Expo around the local community, before
setting up business in the school hall.
The grant paid for teacher-relief time, as well as banners,
boards, partitions, and advertising. The College even
produced a DVD of the experience, which it can use
to encourage and instruct students in years to come.
‘We did an evaluation afterwards and found that the
kids loved it,’ said Mrs Silvana Parisi, the College’s
Faculty Head of Commerce. ‘They felt that this type
of hands-on learning beat the classroom hands down.’
‘Financial literacy is so important in every aspect of life,
whether you are a consumer or business owner.’
Mrs Parisi said.
Sebastopol College
Location: Ballarat, Victoria
Metro/Regional/Rural: Regional
Size of school: 950
Name of Program: Being Financially Smart
Year of grant: 2005
Getting savvy about mobile phones was just the start
when it came to teaching students about financial literacy
at Sebastopol College.
Alarmed by horror stories of massive monthly mobile
phone bills, a team of five teachers devised a course
spanning four periods a week for 10 weeks. It aimed
to teach year 8 students to read the fine print on
seductive advertisements for ringtones, and to shop
around for better mobile phone plans.
Secondary College -Blackwattle Bay Campus NSW, Tara Anglican School NSW, Terrigal High School NSW,
Walgett Community College NSW, Yeoval Central School NSW, Casuarina Senior College NT, Dripstone High
School NT, Numbulwar Community Education Centre NT, Our Lady of the Sacred Heart College – Sadadeen
Campus NT, AB Paterson College QLD, Alexandra Hills State High School QLD, Balmoral State High School
‘There was barely a student who hadn’t been caught
out with some sort of extraordinary bill,’ said Garry Taylor,
the school’s headmaster. ‘And a lot of them were getting
sucked into ringtone deals that involved ongoing costs.’
While the main focus was on mobile phones, the lessons
also incorporated other elements of financial planning
which would enable them to make more informed
decisions in the future,’ Mr Taylor said.
‘The kids loved it. They understood it was important
for them. They all had stories about themselves, or family
members and friends, who had fallen into traps with
contractual costs.’
Several students changed their mobile phone plans after
taking the course and, after learning about the real costs
of downloading ringtones, many vowed to avoid them
in the future.
QLD, Bracken Ridge State High School QLD, Brisbane School of Distance Education QLD, Coolangatta Special
School QLD, Corinda State High School QLD, Corpus Christi College QLD, Djarragun College QLD, Faith Lutheran
College Redlands QLD, Gympie State High School QLD, Heights College QLD, Ingham State High School QLD,
Loganlea State High School QLD, Maryborough State High School QLD, Rochedale State High School QLD
‘The grant was incredibly
helpful ... It gave us time
to put the effort into thinking
about how we could make
a real difference to the
students, something that
could influence the way
they live as adults.’
St Phillip’s College
Location: Alice Springs, Northern Territory
Metro/Regional/Rural: Regional
Size of school: 620
Name of Program: Year 10 Business Financial Literacy
Year of grant: 2005
An ambitious ten-week program aimed at teaching
year 10 students the basics of financial literacy
was behind the grant application produced by this
independent day and boarding school.
The course was an add-on to a core business subject,
which already included accountancy, economics, and
legal studies. The grant money paid for relief teachers,
which enabled staff to construct a program plan, which
concentrated on budgeting, saving, banking, interest
rates and other practical financial matters.
‘The grant was incredibly helpful,’ said Mrs Leslie
Tilbrook, the College’s Head of Business. ‘It gave us
time to put the effort into thinking about how we could
make a real difference to the students, something that
could influence the way they live as adults.’
Cyril Jackson Senior campus,
Intensive English Centre
Location: Bassendean, Western Australia
Metro/Regional/Rural: Metropolitan
Size of school: 150
Name of Program: Financial Literacy Course
for ESL Students
Year of grant: 2004
Newly-arrived refugees and immigrants have enough
to worry about learning English, but financial literacy
skills are just as important.
The school realised the importance of providing a
financial literacy module, to complement its intensive
English as a Second Language courses, when it found
that many of its students lacked even the most basic
skills when it came to money.
Many, especially those from parts of Africa, had no
idea about how to deal with a bank, and cash registers
were often a mystery too.
The school used the grant money to buy games,
fake money, cash registers, shopping centre kits
and low-level financial literary text books, all of which
can be used for many years.
‘The grant gave us time to plan and build the course
too,’ said Ms Belinda Stewart, the teacher in charge.
‘Not only did we have to deal with people with almost
no financial skills, but we also had to cater for those
who had some knowledge. We needed to teach them
about contracts, tax, interest and credit cards.’
Much of the learning was done through role playing,
which the students enjoy and learn best from, said
Ms Stewart. ‘It was hands-on, just like in real life.’
Ms Stewart believed that financial literacy was ‘incredibly
important’ for new-comers to Australia. ‘It’s so easy
to lose out if you don’t even know what bank notes look
like,’ she said.
A guest speaker, whose institution had previously
received a Commonwealth Bank Foundation Financial
Literacy Grant, also visited the College. The question
and answer session that followed his talk helped
the teachers pin down the financial issues that were
affecting the students.
The College plans to focus more thoroughly on some
of the issues raised during an interactive Financial Day.
It will include quizzes and activities to examine financial
problems affecting students in their day to day life,
such as mobile phone usage and saving.
Wynnum State High School QLD, Gawler High School SA, Golden Grove High School SA, Parndana Area School
SA , Open Access College - Senior Secondary School SA, Orroroo Area School SA, Portside Christian School SA,
Seaview High School SA, St Columba College SA, Thebarton Senior College SA, Calvin Secondary School TAS,
Claremont College TAS, Rokeby High School TAS, Winnaleah District High School TAS, Beechworth Secondary
Western Cape College,
Aurukun campus
Location: Aurukun, Queensland
Metro/Regional/Rural: Rural
Size of school: 70 from Yr 6 – Yr 8
Name of Program: Moving from school life
to working life
Year of grant: 2005
Being more than 1,000 kilometres from a major city
centre proves difficult for students who wish to learn
about the move from school life to working life.
Melrose High School
Location: Pearce, ACT
Metro/Regional/Rural: Metropolitan
Size of school: 800
Name of Program: Making it on your Own
– the Real Deal
Year of grant: 2005
Melrose High School set out to produce a program to
encourage year 7 students to make sensible decisions
about spending money. Students used role play to
chose an occupation and draw a ‘salary’. They had
to pay for rent, grocery bills, and other living expenses.
This gave them a practical idea of costs, and taught
them how to budget.
‘A lot of students are already
making financial decisions,
but they are unaware of the
full implication of their
choices and the pitfalls that
come with some of them.’
The Financial Literacy Grant was used to pay for relief
teachers and resources, including a work book.
‘A lot of students are already making financial decisions,
but they are unaware of the full implication of their
choices and the pitfalls that come with some of them,’
said Ruth Edge, the program facilitator and executive
teacher at the school. ‘They need to be taught money
skills so they don’t make poor decisions, such as
getting involved in dodgy loans.’
The course gave the teaching staff the opportunity to
equip students with the skills to make calculations that
will affect them in real life, and learn ‘that if you make
a mistake then you go back and fix it.’
For the students in years 11 and 12 at Western Cape
College, Aurukun, the transition has been made easier
since the College was awarded a Commonwealth Bank
Foundation Financial Literacy Grant.
College Principal Ian Mackie explained that the grant has
helped the College conduct a tour of Cairns businesses
and industries including the Cairns Commonwealth
Bank branch. Seven girls – aged from 15 to 19 years
– attended the tour and participated in the program titled
‘Financial Literacy for Transitions’.
‘During the two week tour the students attended work
experience, site visits, and there was a significant
financial literacy component,’ Ian explained. ‘The girls
were learning how to cope with finances in their daily
life and how to live independently.’
Mr Mackie explained that this year would see more than
50 per cent of the year 11 and 12 students go on to
boarding school or employment. Ian hopes that with the
ongoing implementation of the Financial Literacy Grant
program, this percentage will increase in the future.
St Clare’s High School
Location: Taree, NSW
Metro/Regional/Rural: Regional
Size of school: 660
Name of Program: The Cash Chronicle
– a monthly Financial Literacy Newsletter
Year of grant: 2005
St Clare’s set out to produce a monthly financial
newsletter, with articles written by its Year 10 commerce
students. The newsletter is produced and printed on
site, in a stairwell-publishing office, and has a circulation
of 720. Each student and staff member receives a copy.
The newsletter targets issues that are seen as relevant
to the students, such as mobile phone usage, opening
a bank account, getting a tax file number and
purchasing a car.
Grant money went towards buying a computer and
a printer, and stocks of A3 paper. The long-term
plan is to make the project self-funding, with the
students allocating and selling advertising space
to local businesses.
‘It’s amazing what kids are capable of doing,’ said
Mr Bruce Bielby, the project coordinator and teacher
at the school. ‘We were surprised at their enthusiasm
and their output.’
He thought financial literacy was extremely important
for students. ‘Lots of them work part-time and nine out
of 10 have mobile phones at a young age,’ he said.
‘They have an income and financial commitments they
need to manage each month.’
‘It’s amazing what kids
are capable of doing ...
We were surprised at their
enthusiasm and their output.’
The grant made a real impact, Mrs Edge said. ‘As a
teacher you don’t often get the opportunity to spend
quality time developing resources that can be used
time and again.’
‘The students really enjoyed the program,’ Mrs Edge
continued. ‘They made sensible decisions with their
money and they felt they could use the experience
both now and when they leave school.’
College VIC, Brunswick Special Developmental School VIC, ELTHAM College of Education VIC, Haileybury College
VIC, Highvale Secondary College VIC, Irymple Secondary College VIC, Karingal Park Secondary College VIC,
Kilvington Girls’ Grammar School VIC, Koo Wee Rup Secondary College VIC, Marnebeck School VIC, Maryborough
Specialist School VIC, Mercy College VIC, Monbulk College VIC, Montague Continuing Education Centre VIC
Mount Erin College VIC, Neerim District Secondary College VIC, Peter Lalor Secondary College VIC, Seymour
Special School VIC, St Columba’s College VIC, St Monica’s College VIC, Sunshine College - Ardeer Campus
VIC, Taylors Lakes Secondary College VIC, Warragul Regional College VIC, Aranmore Catholic College WA,
Australind Senior High School WA, Carmel School WA, Cyril Jackson Senior Campus - Intensive English Centre
‘It’s absolutely critical
to have some cohesive
strategy to deal
with monetary traps
and pitfalls ...
Sheffield District High School
Black Mountain School
Location: Sheffield, Tasmania
Metro/Regional/Rural: Rural
Size of school: 220
Name of Program: Farm Finances
Year of grant: 2005
Location: O’Connor, ACT
Metro/Regional/Rural: Metropolitan
Size of school: 84
Name of Program: Financial Literacy for Students
with an Intellectual Disability
Year of grant: 2004
While many of the students who attend Sheffield District
High School come from a farming environment, others
are town kids – and they all have different interests when
it comes to finance.
The school farm was the focus for those year 10 students
with a rural background. They studied cattle handling,
with all the costs involved. A school trip will
also take them to a local abattoir, to learn about the
financial side of the business. Other students will help
run the school show.
To back up the practical side, all students will undergo
an 11-week course in financial literacy. The two-phase
course looks first at spending and saving, and then
at borrowing and investing. The grant paid for relief
teachers, course books, and financial literacy DVDs.
‘We didn’t want to try and re-invent the wheel,’ said
Mr Norm Gregory, a maths teacher at the school.
‘So when it came to the course we adopted the new
Tasmanian Essential Learnings Framework.
The Framework places an emphasis on understanding
and development of thinking above the acquisition of
knowledge for ‘knowledge’s sake.’
‘Financial literacy goes hand in hand with this approach,’
Mr Gregory said. ‘Everyone needs to understand how
to save money, make it grow, and keep it.’
Black Mountain School provides for students aged
between 12 and 20 who have moderate to profound
disabilities. The school used its grant to fund an
education program aimed at helping students become
financially independent after they leave school.
The money paid for support staff to take over classes
while several teachers attended the ‘Count Me In Too’
numeracy program, a professional development initiative
operating in NSW and the ACT.
They used practical applications learnt from the course to
teach students how to recognise coins and bank notes,
add up and subtract, and use money in real life situations.
‘Our kids worked with real objects rather than just with
cardboard cut-outs,’ said Gendy Mitchell, an executive
teacher at the school. ‘Many of them are at the profound
end of disability, and knowing how to use money helps
them become more independent later on.’
Location: Claremont, Tasmania
Metro/Regional/Rural: Metropolitan
Size of school: 800
Name of Program: Bridgewater Annex
– Your Future Project
Year of grant: 2004
Having an annex to its campus in an impoverished area
of town, Claremont College decided to put it to good use
by using it as a base to teach ‘at risk’ students the basics
of financial literacy.
‘The Annex targets disengaged kids who, for one reason
or another, haven’t made it to College,’ explained Andrew
Butler, the project’s coordinator.
These students had very little exposure to maths
and numeracy, Mr Butler said. ‘In terms of evaluating
everyday financial situations they are significantly behind
the eight-ball.’
Twelve students aged between 15 to 19 study at the
Annex, working on individual programs drawn from
existing syllabuses. The grant paid for relief teachers
to cover Mr Butler’s usual classes, and for materials
used in practical projects.
One of these involved building outdoor furniture. The
students had to measure and cost out the project, and
visit hardware shops to negotiate for the right material.
‘It’s absolutely critical to have some cohesive strategy
to deal with monetary traps and pitfalls,’ Mr Butler said.
‘I’d most definitely recommend other schools apply for
a grant. Even if it just frees you up. There is so little time
these days to turn good ideas into worthwhile projects.’
The College intends to continue on with the programs
for several years, Mr Butler confirmed.
Mrs Mitchell highly recommends applying for a grant to
other teachers and schools, especially as it can provide
material that can be used over many years.
‘But think wisely about budgeting and putting it into
practical use,’ she advises. ‘Expand your ideas about
what you can use it for, and what skills your students
need to take into the community.’
WA, Gosnells Senior High School WA, Iona Presentation College WA, Mandurah Senior College Flexelearning
Centre WA, Penrhos College WA, Perth Modern School WA, Safety Bay Senior High School WA, Sevenoaks
Senior College WA, Melrose High School ACT, St Francis Xavier College ACT, Albion Park High School NSW,
Blacktown Boys’ High School NSW, Blacktown Girls’ High School NSW, Chifley College - Dunheved Campus
10
I’d most definitely
recommend other
schools apply for
a grant. Even if it just
frees you up. There is
so little time these days
to turn good ideas into
worthwhile projects.’
Claremont College
NSW, Dubbo School of Distance Education NSW, Elouera Special School NSW, Glenvale Special School NSW,
Guyra Central School NSW, Hurlstone Agricultural High School NSW, Kandeer School NSW, Kincoppal - Rose
Bay, School of the Sacred Heart NSW, Lake Illawarra High School NSW, MLC School NSW, Moss Vale High
School NSW, Presbyterian Ladies’ College, Sydney NSW, Robert Townson High School NSW, Royal Far West
11
Kurrungku Catholic
Education Centre
Location: Halls Creek, Western Australia
Metro/Regional/Rural: Rural
Size of school: 70
Name of Program: Kurrungku Desert Fresh Enterprises
Year of grant: 2005
Following a course in financial literacy at Kurrungku
Catholic Education Centre, which caters for 70 students
from the remote Billiluna Aboriginal Community, several
children started putting part of their ABSTUDY living
allowance into savings accounts.
Whyalla Special School
Location: Whyalla, Playford, South Australia
Metro/Regional/Rural: Regional
Size of school: 38
Name of Program: Money Skills for Life
Year of grant: 2005
Meanwhile, others decided to continue their education
after learning about specific jobs and careers during
work experience outings.
The school used the grant to set up several units
of study, including classes on earning an income,
spending and saving, basic banking, and budgeting.
Whyalla Special School caters for 30 students with
intellectual disabilities. The school applied for the grant
in order to construct a continuing financial program
aimed at preparing students for independence once
they finish school.
Work experience involved setting up some basic
enterprises, such as planting vegetables to market
through local stores, and buying and selling on
the Internet. Money was spent on seeds, poultry,
and materials.
The program involves students aged from five to 20,
who are taught basic shopping skills, such as recognising
prices, paying with money, and accepting change. They
use ‘money cards’ which display a dice pattern that helps
them recognise numbers to use in calculations.
Associated career workshops focused on setting up
bank accounts and visits to both local farms and the
Argyle Diamond Mine. Students also planted trees,
pruned citrus crops and learnt about the concept
of the work ethic and paying your way.
The school used the grant to receive training from
outside professionals for staff and parents, and to buy
dice, shopping baskets, cash registers, and imitation
food items.
‘Budgeting and saving are limited in some communities,’
said Mr Daniel Felton, the co-ordinating teacher. ‘We
tried to give our students an understanding of how the
financial system works. For example, that taxes are paid
by people and companies, and this provided services
and welfare.’
Mrs Tricia Coulthard, a teacher and program organiser
at the school highly recommends the grant to other
teachers and schools.
‘It’s a great amount of money to put into one project,’
she said. ‘I’d like to see more special schools apply.
You can get the school and parents involved in coming
up with ideas and carrying them through.’
‘It’s a great amount of money to put into one project ...
I’d like to see more special schools apply. You can get
the school and parents involved in coming up with ideas
and carrying them through.’
‘Some of the kids were really influenced by the project,
and it may well change their lives,’ he said. ‘Financial
literacy is something you have to learn. A lot of marriages
and communities break down because of financial
problems.’
Royal Far West School NSW, St Catherine’s School NSW, St Clare’s High School NSW, St George Girls’ High
School NSW, St Mary Star of the Sea College NSW, St Scholastica’s College NSW, Sydney Secondary College
- Blackwattle Bay Campus NSW, TARA Anglican School for Girls NSW, Ulladulla High School NSW, Walgett
Community College High School NSW, Westfields Sports High School NSW, Whitebridge High School NSW
12
13
Liverpool Girls’ High School
Location: Sydney, NSW
Metro/Regional/Rural: Metropolitan
Size of school: 1,000
Name of Program: The Real Cost of Mobile
Phone Ownership
Year of grant: 2004
Aware that many children and their families are suffering
from huge bills run up by students with mobile phones,
Liverpool Girls’ High School set out on a financial
education drive.
Rostrevor College
‘We wanted to show them
that they could make
a financial success of life
rather than just leaving
school and languishing
in a financial hole ...
The kids really enjoyed it.
It was the first time in their
lives that they were thinking
about financial responsibility.’
Location: Woodforde, South Australia
Metro/Regional/Rural: Metropolitan
Size of school: 1,200
Name of Program: Rich Dad Poor Dad
Cashflow Championships
Year of grant: 2005
At Rostrevor College a board game challenge showed
students that making good decisions with your money
could mean the difference between a life of struggle or
one of financial success.
The school invested its grant money in buying six
Cashflow 101 games and class sets to accompany
the best-selling book Rich Dad Poor Dad. It also paid
for photocopying and relief teachers to cover while the
games were on.
‘The game sets up a real life situation, where you have to
earn a salary and make a whole set of financial decisions,
like paying debt on your credit card, buying shares,
and having kids,’ said Mr Matthew Noble, the College’s
coordinator of Business Studies.
‘We wanted to show them that they could make a
financial success of life rather than just leaving school
and languishing in a financial hole,’ he continued. ‘The
kids really enjoyed it. It was the first time in their lives that
they were thinking about financial responsibility.’
The game developed into a competition, with various
rounds, semi-finals, and a final. The purchase of
the games and associated material meant that the
competition could be an annual event, Mr Noble said.
‘You need to be innovative when applying for the grant,’
he continued. ‘And it has to be enjoyed by the kids.’
The aim was to teach their year 9 Commerce Class
students how to read mobile phone contracts, including
the fine print, as well as to look at the differences
between pre-paid and contract phones, the real cost
of downloading ring tones, and peak and off-peak rates.
The grant paid for relief teachers to enable staff to
develop the course, and for resources to produce
a booklet for all the school’s students.
‘Our kids were falling into traps that we wanted them
to know about and avoid,’ said Mrs Maria Allan, the
school’s Deputy Principal.
‘We heard of kids paying $80 a month for ring tones they
didn’t want, and heard about scams involving ring tone
companies leaving missed call messages on phones.
The student would ring a 1900 number after being
offered $40 worth of free ring tones. They were charged
$15 for the call.’
During the course, students shared their mobile
phone horror stories. The response to the lessons was
immediate, with many students using their new-found
awareness of the pitfalls of mobile phone ownership
to save money.
The program is now an ongoing part of the curriculum
for year 9 Commerce students.
‘Our kids were falling into
traps that we wanted them
to know about and avoid.’
The prize, by the way, was ‘an awful lot of chocolate.’
High School NSW, Wollongong High School of the Performing Arts NSW, Henbury School NT, St Philip’s College
NT, Taroom State School QLD, A B Paterson College QLD, Atherton State High School QLD, Bowen State
High School QLD, Bremer State High School QLD, Caboolture Special School QLD, Corinda State High School
QLD, Glenmore State High School QLD, Gympie Special School QLD, Holland Park State High School QLD
14
Mansfield State High School QLD, St Michael’s College QLD, St Monica’s College QLD, St Teresa’s Catholic
College QLD, Townsville State High School QLD, Western Cape College - Aurukun Campus QLD, Yeppoon
State School QLD, Fremont Elizabeth City High School SA, Gladstone High School SA, Mary MacKillop College
SA, Rostrevor College SA, Thebarton Senior College SA, Valley View Secondary School SA, Walford Anglican
15
commonwealth bank foundation
overview
Holland Park State High School
Casuarina Senior College
Location: Holland Park, Queensland
Metro/Regional/Rural: Metropolitan
Size of school: 450
Name of Program: Financial Forums
Year of grant: 2005
Location: Darwin, Northern Territory
Metro/Regional/Rural: Metropolitan
Size of school: 800
Name of Program: Making Cents of Money
Year of grant: 2004
Holland Park State High School set up financial forums
using external speakers to teach their students how
to handle money.
With most students being web savvy, an Internet
approach was considered the best option for Darwin’s
only senior college.
The forums included talks based on mobile phones
for year 9 students and tax issues for those in year 10.
Representatives from Telstra and the Australian Tax
Office were among the speakers who gave their time
free of charge.
The college is setting up an intranet site, so that
commerce and business studies students can answer
financial questions posed by the school’s students.
And with an IT person costing $38 an hour, the Financial
Literacy Grant came in very handy.
The school used its grant money to provide relief
teachers to cover periods for planning and running
follow-up activities. These included students approaching
the tax office to get tax file numbers, and practical
research into various mobile phone plans. They also
learnt how to avoid financial traps and scams.
Changes to the education system in the Northern
Territory will see year 10 students at the college from next
year, so the money left over will go towards purchasing
text books for a new Financial Literacy course.
‘I think the impact was a fairly direct and practical one,’
said Mrs Jocelyn Roberts, the school Principal.
‘We tried to cover topics that were relevant to our kids.
Society expects schools to be educating students
about these kinds of things … and how to be capable,
responsible citizens.’
She suggested that other schools should identify if
someone on staff has been talking about an idea that
relates to something that could be funded, and then
allocate some writing time to encourage them to develop
the plan and apply.
‘The website is still in the process of being developed,’
said Mr Joshua Poyzer, a senior teacher in the Business
and IT faculty. ‘But we expect students to be seeking
advice on mobile phone bills, car expenses and the like,
and for other students to respond to their questions
with advice on managing their money.’
He advises other teachers who are applying for grants
to think outside the square when it comes to projects.
‘They don’t have to be games or book based, you
could always consider new technology. A lot of the kids
are using it.’
‘We tried to cover topics that were relevant to our kids.
Society expects schools to be educating students
about these kinds of things … and how to be capable,
responsible citizens.’
School for Girls SA, Whyalla Special School SA, Dover District High School TAS, Newstead College TAS,
Ogilvie High School TAS, Sheffield District High School TAS, Barwon Valley School VIC, Bayswater Secondary
College VIC, Berendale School VIC, Berengarra School VIC, Deer Park Secondary College VIC, Emerson
School VIC, Fintona Girls School VIC, Glen Waverley Secondary College VIC, Heatherhill Secondary College VIC
16
The Commonwealth Bank has been involved in
and supportive of education for over 70 years.
In 2003, the Commonwealth Bank Foundation
was established to encourage developments
in education, in particular the financial literacy
skills of young Australians. The Foundation
is guided by the goal of creating awareness,
skill and understanding of a more financially
literate community.
The Commonwealth Bank Foundation’s programs
are designed to promote the benefits of money
management skills amongst those considered
least financially literate. Our research has shown
that improved financial literacy can reduce
poverty, increase economic opportunities and
boost national savings*.
Many of our programs are aimed at providing
young people with the financial skills they will
need to take them through life. We believe that
financial literacy education at the grassroots level
is one of the most effective ways of ensuring
a financially literate population.
Formal research and consultation has revealed
that parents and teachers are key influencers on
young people, therefore developing their skills
and understanding will also have a positive flow
effect. Many of our programs are designed to help
address the gaps in financial literacy of teachers
and parents.
AN OVERVIEW OF
COMMONWEALTH BANK
FOUNDATION PROGRAMS
FINANCIAL LITERACY GRANTS
The Commonwealth Bank Foundation Financial
Literacy Grants program offers all secondary
schools across Australia the chance to receive
a $3,500 grant. There are a total of 100 grants
available nationally per annum.
The grants seek to help schools implement
an education program that will help develop
or improve student financial literacy awareness,
understanding and skill. Grant applications are
available from May and close in August.
CURRICULUM RESOURCES
The Financial Literacy Curriculum Resource
provides teachers with relevant and engaging
money management information and activities
for secondary school students.
DOLLARSANDSENSE.COM.AU
The Dollars and Sense website is available to
teachers and students as part of the Financial
Literacy Curriculum Resource. It provides
interactive teaching resources for teachers
as well as relevant and engaging money
management information for young people
aged 14 to 18.
STARTSMART
The Commonwealth Bank Foundation offers
a wide range of workshop options for 16 to 20
year olds, including StartSmart Workshops
in regional Australia, and StartSmart Forums
in all capital cities.
The StartSmart Teacher Development Workshops
are designed to develop the confidence and skills
of teachers who teach financial literacy, and will
be offered in each capital city in 2007.
The StartSmart Schools Program is offered
in secondary schools and features interactive
lessons delivered by a professional facilitator with
the assistance of trained Commonwealth Bank
staff. Schools can choose from four modules
– Earning an Income, Bank Accounts, Managing
your Money and Investing.
YOUTH ADVISORY COUNCIL
The Commonwealth Bank Foundation works
with a Youth Advisory Council, which is made
up of young Australians who provide advice and
recommendations on how to reach out to young
Australians regarding financial skill development.
This important input from members guides
the Commonwealth Bank Foundation in its
goal to make a significant difference to the skill
development of young Australians by producing
financial literacy programs that are relevant
and engaging.
OTHER FINANCIAL LITERACY PROGRAMS
We will also continue to improve financial literacy
awareness and skills with Indigenous people
in partnership with organisations such as
Caritas and the Indigenous Consumer Assistance
Network (ICAN), and with disadvantaged
young people with organisations such as
Midnight Basketball.
* Research conducted by the Commonwealth Bank of Australia,
in conjunction with the University of Monash during 2005 revealed
that if efforts are focused on improving the financial literacy of the
10% of the population with the lowest understanding in this area,
Australia’s economy could be boosted by $6billion per year with
the creation of 16,000 new jobs.