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 Foundation@cba.com.au 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 P F L C o G D K N M I two years, two hundred grants and we’re just getting started... B grant case studies E A H j 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.