Our partnership with The Wealth Academy: Building financial awareness and knowhow in young people
Last year, OakWealth was approached by The Wealth Academy to help deliver programs to school students about money management. Headed by an ex-school principal, The Wealth Academy works to address the lack of resources and focus in schools on equipping Australian students with good financial management skills. As passionate advocates for improving financial literacy (no matter your age), we were excited to partner with The Wealth Academy.
Towards the end of 2017, Yihsing ventured over to Heathmont College to work with students on tackling real life money issues such as goal setting, budgeting, tracking spending, and understanding debts (such as credit cards and AfterPay). The program commences with students in year 9 when they start their part-time work experience program, and later this month will roll out to year 11 and VCAL students, who are likely to enter the workforce when they complete their secondary schooling.
What we love about this program, and what makes it so effective, is that it is more than a 'drop and run' once-off presentation. We caught up with some students earlier this month and were pleased to hear one student recall one of the points Yihsing had explained in an earlier session. It is a truly special moment when you see students absorb this information and knowing the difference having good money management habits can have on their adult lives.
Yihsing heads back to Heathmont again later this month as part of the year 11 and VCAL programs. He will be working with these students not only on key money management practices, but will also be helping them learn about our tax system, how it works, paying taxes and lodging returns.