Almost 600 Australian secondary schools will take part this year in an innovative financial literacy course designed to prepare Australian teenagers for managing their finances.
Operation Financial Literacy will help set teenagers up for life by providing them with an understanding of things like credit management and budgeting to help them become financially successful.
Although there are a number of initiatives that address the issues of financial literacy, the Financial Basics Foundation believed that a practical strategy needed to be developed and implemented.
Therefore Operation Financial Literacy was developed by the Financial Basics Foundation, a not-for-profit organisation sponsored by Collection House Limited and Bank of Queensland.
The free teaching resource, which was written by Australian teachers for Australian teachers, is completely flexible and adaptable allowing teachers to choose parts of the course that best suit their individual demographic, location, size and focus.
The program can be incorporated into a number of existing study areas including maths, SOSE, economics, business studies and English. It includes student worksheets and detailed teacher notes.
Chairman of the Financial Basics Foundation Barrie Adams said their aim was to help ensure that all young Australians leaving the secondary education system had an understanding of the credit system and financial management practices, so that they could make informed decisions on their financial affairs.
“We hope to deliver financial understanding and money management skills to young Australians through our Operation Financial Literacy program,” Mr Adams said.
“Household financial obligations have risen to approximately 18.6 per cent of income with a credit union study by McGregor Marketing showing one in five people have no household budget strategy and almost one in ten would be forced into payment plans if several bills unexpectedly fell due.
“The Operation Financial Literacy program hopes to educate the future generations of consumers before they develop any “bad” money habits.
“Almost 600 schools around Australia have already registered for the free teaching resource.”
The implementation of financial literacy programs in schools could not have come at a better time and Bank of Queensland hopes to encourage more schools to take up the Operation Financial Literacy program to help their students secure a financially fit future.
Teachers can register to receive their free copy of Operation Financial Literacy by logging on to www.financialbasics.org.au and completing the registration form on the Teacher and Parent page or phone (03) 9610 4919.