An annual money challenge teaching financial literacy to young people is returning for its ninth run.
Hosted at secondary schools nationwide – including the Islamic College of Brisbane and Browns Plains State High School in the past – the challenge see participants engage in various “real world” activities such as opening a bank account, budgeting, investing, working to earn money, selecting credit cards and completing quizzes.
Research shows young people are sourcing financial advice from social media more than any other age group, leading to the spread of unreliable financial advice.
CEO of Financial Basics Foundation Katrina Samios said the challenge was a step in the right direction for educating young people in building healthy financial habits.
“We believe that all Australian students deserve the right to financial education to help ensure they have the confidence and skills to navigate their financial future,” she said.
“From our decades of working closely with teachers and researchers, we know that developing healthy financial habits from a young age has a positive impact throughout life.”
The Suncorp Bank ESSI Money Challenge is running from Monday 19 August to Friday 30 August.
