Helping students’ financial literacy with Money Mentor

The Money Mentor program strengthens financial literacy. The program is delivered to secondary students in a number of schools as the Australian curriculum does not have compulsory, in depth and relevant financial literacy education.

Community Bank Bacchus Marsh, with a Community Impact Plan that identifies youth investment, have partnered with Inner West Community Foundation to roll out the program to 718 year 9 and 10 local students at Bacchus Marsh Grammar.

In-person sessions facilitated by a financial services specialist, provide students with practical skills to help them effectively navigate the world of money. This program was developed from research findings of Victoria University after consultation with students, teachers, and parents. Each module has been designed to address financial knowledge gaps for these cohorts and can be tailored to different groups and individuals.

Secondary students exploring employment for the first time may be unaware of taxation requirements, award rates and how to read payslip information. Unsurprisingly Australian research has found that only 28% of teenage males and 15% of teenage females are financially literate (Preston 2020). Their low level of financial literacy affects their potential to make good financial decisions and achieve longer term economic prosperity.

Chair of the Community Bank, Claire Sutherland, says that they have committed to three years of support.

“We believe that the sessions, facilitated by a financial services specialist, will provide students with really valuable and practical skills to help them effectively navigate the world of money,” she said.

Alice Wu-Tollis, Assistant Principal at Bacchus Marsh Grammar and Director of Careers and Student Pathways says that the Money Mentors Program bridges the gap between essential financial skills and the secondary school environment.

“Financial literacy is a critical life skill that every young person should have the opportunity to develop at school,” she said.

Apply for community investment funding with Community Bank Bacchus Marsh.