CBA takes on financial literacy
(20 November 2009 – Australia) The Commonwealth Bank has announced a five year, A$40 million investment into its school banking program.
The reinvigoration of school banking for primary schools is designed to improve the financial literacy of more than one million Australian school children over the next five years.
Ralph Norris, chief executive officer, Commonwealth Bank, said that the group has been teaching children about money for the last 80 years.
Mr Norris added that the world has changed and the once simple lessons of personal finance have grown more complex; the way children learn has evolved.
While Australia has navigated itself reasonably well through the global financial crisis, one lesson learnt is that Australians need a good basic understanding of money management, Mr Norris said.
The group said that the program labelled ‘onemillionkids’ is the first in a series of major initiatives aimed at young Australians.
The program currently involves 2,500 schools and more than 90,000 students; the overall aim is to get over 4,000 schools involved and over 300,000 students.
Part of the plan is to recruit 45 school liaison officers; the officers will work across the country with branch managers to become more involved with schools in their communities and also support the volunteers and primary school staff who run the school banking each week.
Ralph Norris, chief executive officer, Commonwealth Bank, said that the group has been teaching children about money for the last 80 years.
Mr Norris added that the world has changed and the once simple lessons of personal finance have grown more complex; the way children learn has evolved.
While Australia has navigated itself reasonably well through the global financial crisis, one lesson learnt is that Australians need a good basic understanding of money management, Mr Norris said.
The group said that the program labelled ‘onemillionkids’ is the first in a series of major initiatives aimed at young Australians.
The program currently involves 2,500 schools and more than 90,000 students; the overall aim is to get over 4,000 schools involved and over 300,000 students.
Part of the plan is to recruit 45 school liaison officers; the officers will work across the country with branch managers to become more involved with schools in their communities and also support the volunteers and primary school staff who run the school banking each week.
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