The Wealth Academy assists parents, teachers and financial service professionals, to help their children, students and young clients to improve their financial knowledge and life skills. 
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Newsletter: January 2017

The Wealth Academy

We support those who value financial education

Thought for the Month
Over 65% of first year tertiary students believe their high school did NOT prepare them with adult-oriented financial life skills. Another 20% are unsure. The broader community needs to help schools better prepare students for the world in which they will live! 

Schools supporting their students


The Cathedral School of St Anne and St James has recently subscribed to The Wealth Academy's financial life skills resource library.

This school is breaking new ground in their use of the financial life skill resources. Like most schools it will be a slow and steady approach for the first 6 months as they become familiar with the library, and explore ideas for how they can best make use of the resources. The Cathedral School has also committed extra funds to employ a teacher for a few hours per week to look through the resources and develop school-specific approaches for their use. 
Image: Aimee Strickland (Senio School Teacher), Ian Gamack (Principal), Ken Swan (TWA), Melissa Scott (Dalle Cort Financial Services - School Community Partner), Katrina Wilshire (Careers Advisor)

Ryan Catholic College has also subscribed to the resource library. They are similarly very excited about their potential use of the resources within their school. They have been particularly pleased to see resources that relate to financial learning and the concept of The Common Good. The school educators have also expressed the desire to take the first few months to become familiar with the resources and to find the best way of using the resources within their school, and beyond into their community.
Image: Ken Swan (TWA), Cheryl Wood and Ann Caldwell (Teachers), Melissa Scott (Dalle Cort Financial Services)

Congratulations to both schools.

Thank you also to Dalle Cort Financial Services and AusTax for supporting these schools in their local community. These two businesses also support Pimlico State High School. They set a great example for other businesses who want to demonstrate corporate responsibility and community goodwill.


The Wealth Academy welcomes our first group of schools from Victoria. We will be featuring these schools (and others) in forthcoming monthly newsletters.
Welcome to:
  • Bayswater Secondary College
  • Boronia K-12 College
  • Heathmont College
  • Melba Secondary College
  • St Helena Secondary College
The Wealth Academy would like to thank RMIT, one of Victoria's leading universities for its continued support.

What is new

More new resources for schools

Thank you to members of QUT Accountancy Students' Association, we can now provide more videos on the profession of accounting and topics in the accounting curriculum including:
  • cash or accrual accounting
  • the good and service tax
  • careers: from school to university to work.

Parents: Video resources

Our new webpage for parents has multiple resources that can help parents to help their teenage children. Resources include links to
  • research that relates to parents helping their teen children
  • reminders to access the teen/family financial life skills ezine Teenfinca and its eposters from the school
  • articles that may interest parents, and
  • videos that they may wish to share with their teenager/s about various financial life skill topics and careers in finance.
Some parents have difficulty explaining some of the basic concepts of taxation to their children. This video is provided by Tax Super Australia and introduces taxation concepts to teens in a simple but engaging manner. 

Parents can access the login details from their school P&C. The P&C must first inform The Wealth Academy they would like access to these resources for their parent/carer community. Contact The Wealth Academy.

Sample Year 12 Program

Many schools have requested sample year level programs focusing on financial life skills. The preference has been to have activities that can be used as part of a student well-being and pastoral care program. We were pleased to respond to this request.

Teacher Guides have recently been finalised and are now available to registered schools. Guides are available for all grades between 6 and 12.

 Activities in the Year 12 sample program are:
1.    A question of trust
2.    The cost of a new or used car
3.    No place to be (youth debt)
4.    Learning financial life skills and attitudes
5.    Your financial future
6.    Teenagers and contracts
7.    Ian Healy: Develop your networks
8.    Scenario 1: Lots of money but worried | Scenario 2: No money, high hopes
9.    Online shopping
10.  Intelligence and wealth

Schools are encouraged to adjust this program to suit their student population or develop their own program based on the resources outlined in our library.
2017 Sample Video Vignettes
Samples of video content from several young professionals in law, accountancy, business and economics. Check out the video overview webpage for further information about our range of video resources. (Click on the image to view the sample video material.)

School Principals: School-business relationships

Collaborative planning

The Australian Government has provided schools with advice as to how to plan, implement and review school-business relationships.

One of the tools that the Government provides is the Guiding Principals for School-Business Relationships.
Schools can download the tool from here. The Wealth Academy encourages schools to use either this set of guidelines, the National School Improvement Tool or our own planning tool, which draws on the expectations of both these documents, to plan and implement their partnerships professionally.

Supporting community partners

Resource support: Insurance

We have provided a range of resources for community partners to use within the educational program of their own business. This video introduces teenagers to an aspect of insurance, specifically contents insurance.

Schools also have access to a version of this video that they can use with students.
We thank those community businesses and organisations who are committed to supporting their local schools, vocational education providers, universities and the broader community with their expertise. Access the partners web page here.

Barbecue stopper: Weird taxes

If the tax system seems unfathomable sometimes, keep in mind that throughout human history there has been a plethora of “strange” rules and regulations in regards to tax that citizens of various jurisdictions, and time periods, have had to cope with. 


Urine Tax

During the 1st century CE, the Roman emperor Vaspasian imposed a urine tax (Latin: vectigal urinae) on the distribution of urine from public urinals connected to Rome’s cloaca maxima, which means “great sewer” (so this clears up another bit of trivia).

The urine collected from public urinals was sold as an ingredient for several chemical processes, as well as in the tanning process. It also whitened togas, as it contained high levels of ammonia.

When Vespasian’s son complained about the disgusting nature of the tax, his father held up a gold coin and asked whether he felt offended by its smell. The phase pecunia non olet (money doesn’t stink) is still used today to indicate that the value of money is not tainted by its origins.

Think about all the hours you and your family spend online 

These days the average person spends almost two hours out of every 24 online. From using Facebook to online banking, shopping on eBay to simple old-fashioned email, we share an enormous amount of our personal information with the rest of the world. Some of it is deliberate, but a lot of it is done unwittingly and without our knowledge.

With online crime and identity theft on the rise across the world, protecting you and your family’s personal information has become more important than ever. Thankfully, there are some pretty easy ways you can protect your information. 
Want to learn more? Head to the Know Risk website where we’ve put together some of the best support sites available. 

NEWS: The importance of financial literacy to economic health

April has been designated National Financial Literacy Month, so now is a good time to reflect on the importance of financial literacy and its impact on our nation’s future financial health. Many Americans still need better resources and targeted education to help them understand the most important issues affecting their finances. Schools, families, governments, and financial institutions must all play a role in promoting financial literacy if our nation is to return to financial health.
(Source: Op-Ed: Improving Financial Literacy Is Essential to Our Nation’s Economic Health; April 09, 2012.)
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Thank you

It was wonderful to be acknowledged recently by FINSIA, Australia's largest financial services membership organisation.
They ran an article in their regular news section for members on why I started The Wealth Academy.

You can read my brief reply here.


How it works

What is financial planning?

Many educators have not used a financial planners and are therefore not sure of what they do and how it works. This makes it difficult to talk to students about the profession of financial planning.
Teachers can find background information about the profession on the FPA website here.

School-community partners

Does your school need a community financial education partner? We can help.
There are hundreds of community-oriented people, many of them parents or ex-students who want to help with the financial education of Australian youth.
Find out more about sponsorship and partnership on the home page.

We make a bigger difference through collective action.

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