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The Wealth Academy assists parents, teachers and professionals in the financial services industry, to help their children, students and young clients to improve their financial knowledge and skills. 
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Newsletter: June 2016 Issue

The Wealth Academy

We support those who value financial education

A New Look
Our new e-newsletter provides greater capacity to celebrate some of our new financial life skill resources and feature schools and business partners who are helping with the financial education of youth in their local communities. We hope you like it.

Election silence

The national priority of financial life skills

Two months of election talk and no mention of financial education, yet all major parties have spoken about business, economics, standards of living, costs of living, negative gearing, investment and more. Each of these topics is underpinned by financial concepts; unfortunately concepts that most students in secondary school have little exposure to. These following perspectives are debatable but probably not too far from the truth.
  • In many areas of Australia the study of economics in secondary school seems to be of contracting. (Most secondary students would have heard the economic electioneering, but with little understanding!)
  • Business studies in most schools is unfortunately a minor learning area.
  • Financial numeracy is usually limited to only 1 stream of mathematics in senior school.
  • Most students leave school with minimal, if any, recent exposure to financial life skills that prepare them for their immediate future. (See Research Report: Student perceptions of high school financial education.) 
Financial education continues to lose the curriculum contest and continues to be silenced by politicians who either don't understand, or prefer to react to society's issues than put in place policies to minimise such issues.
There would be few better national investments than to see federal and state governments truly support investment in financial education for all young people. It would help individuals, families, communities and society in general.

New video resources

New video resources are now available featuring a focus on financial planning. The nine videos feature information about the profession, careers and introductory concepts in investment. For business studies students there is also a video from a young planner who has started her own business.  
These resources are accompanied by lesson plans and will be sampled in future monthly e-newsletters.
Thank you to the Financial Planning Association of Australia and in particular Mary Kelly, Peter Hodgson and Sean Nigh for contributing their time to make these resources available for Australian students. More information about these videos is available here.

Peruse the sample video

This is also available by clicking on this image when on The Wealth Academy home page (bottom right corner).
A small selection of video content from three young professionals in banking, financial planning and economics. Thank you Clair (FINSIA), Peter (FPA) and Abby (Economic Society of Australia QLD Branch).

Can you help?

Research: Beyond the dollar of financial planning 

Griffith University with the support from the Financial Planning Association is undertaking research into what attributes contribute to a good working relationship between financial planners and their clients, and whether there is a connection with successful planning. Due to the importance of financial knowledge and independence it is important to identify what attributes to lead to improve relationships between clients and their financial advisors.  The results of the study will be used to formulate an understanding of the client professional relationship in the financial planning setting, which may influence academia, industry bodies, financial planners, and legislators.
 
Griffith University is looking for both clients and financial planners to undertake a short 15 minute online survey which is anonymous. Your participation in this research is critical in providing your opinion on your relationship with your clients, and you may gain some interesting insights into the complexities of the client-professional relationship by completing this survey. To undertake this confidential survey go to http://fpsurvey.com.au/
 
By participating you also go into a draw to win one of five $100 Myer gift cards (if successful you can have the option of giving $100 to the charity of your choice instead).Full information about the survey and your potential participation is found at http://fpsurvey.com.au/.
 
Dr Brett Freudenberg | Associate Professor | Griffith Business School 

In the news for parents

Simple ways to educate your children about money.
In school we learn about Pythagoras theorem, the periodic table and the complete works of Shakespeare, though some argue that too little time is spent educating young people on money and smart financial moves that will benefit them when they enter the 'real world'.
With the lack of official financial education in school, the onus falls back on the parents... (Source: Leigh Campbell, Huffington Post February 10, 2016)
Read more

School-community partnerships

Hands up if you know the benefit of community partnerships
Outstanding schools

Each partnership has been established in response to an identified need. Considerable effort has been put into understanding students’ needs, identifying appropriate partners to address those needs, planning the details of partnership programs and clarifying partner roles and responsibilities. (National School Improvement Tool, p.18)

Financial life skills education is a life-changing opportunity that all students should have and a partnership opportunity that all schools should prioritise. [Image: Cover of National School Improvement Tool, ACER]
 

School Partner Profile

Josh Fox, Lawyer

Emmaus College, Rockhampton

A good foundation
"As a past student, I’m keen to see Emmaus students enter the adult world as prepared as they can be to succeed. In order to succeed, a good foundation in the basics of law and finance will hold them in good stead and hopefully allow them to avoid early pitfalls on their life journey.”
School newsletter (Refer Business News)
THANK YOU JOSH FOR SUPPORTING YOUR SCHOOL COMMUNITY

International

Scotland

Entrepreneurship

Entrepreneurial learning involves 'learning by doing'. Setting up and running a company is something that children and young people of all ages will benefit from. But it isn't just about setting up in business. It is about giving young people the chance to experience real business and work-related learning through entrepreneurial enterprise activities.
View the video of students from Langland’s primary bring learning to life through using Kiva, a micro lending site to lend money to entrepreneurs across the world.
Link
[Source: Education Scotland, Enterprise in Education]

International

Finland

Entrepreneurship

Finland is often held up as the pinnacle of education systems. Recently, the Finnish system has explored the benefit of entrepreneurial learning environments in primary school.
The research paper Developing Entrepreneurial Learning Environments in Finnish General Education by Lenita Hietanen is interesting reading for those Australian educators interested in developing entrepreneurial behaviours and thinking in students.
Link



 

Did you know about the ‘longevity tsunami’? 

Taxpayer Australia

Recent data from the Australian Bureau of Statistics projected a “life expectancy at birth” age of 79.9 for men and 84.3 for women. But representative body the Actuaries Institute said those who have already reached the age of 65 can expect to live longer than the population average, and said it is more likely that the life expectancy of those aged 65 now will be 86 for men and 89 for women. To further compound matters, independent government advisory body the Productivity Commission recently published these following statistics:
  • the life expectancy for a baby born recently is 94 years for a girl and 92 years for a boy 
  • the population aged 75 years or more is projected to rise by four million to 2060, increasing from 6.4% to 14.4% of the population, and
  • by 2060, there will be roughly 25 people aged 100 years old or more to every 100 babies (compared to just one centenarian now). 
The crux of the issue is: Australians need to be financially prepared for at least a few more decades in retirement.

Aussie kids are easy targets for phone thieves

Australian and New Zealand Institute of Insurance and Finance

Hands up if your teen has a smart-phone. What about a tablet or ultra-light laptop? Odds are they do – making them a prime target for those with sticky fingers. New research has found that 78 per cent of Australian high school students are carrying up to $1000 worth of items with them each day. And with school bags jam-packed with technology, kids are becoming easy targets for opportunistic thieves. With theft or portable items on the rise, it’s important for kids to consider protecting their highly valuable tech by considering some form of portable item insurance.
Portable item insurance can be a good way to offset the cost of replacing or repairing a damaged phone or tablet and can be bought as an add-on to an existing home and contents policy, as a stand-alone policy or sometimes even through the phone plan provider. For more information visit Know Risk.

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.

Year 12 Students: Financial life skill exit program

Within a few months your final year students will be exiting high school, entering the world of work or further study.
Now is the time to start preparing an exit financial life skills program for those students. In coming months we will provide a range of program options that senior school leaders may wish to implement or adjust to suit their specific student group.
Schools that have financial life skill business partners should be encouraged to be part of this exit program.  
It is important to remember that every student who leaves high school will have a financial life. They will be making financial decisions every day for their entire life. School educators, with their community partners, have a real opportunity to make a positive difference to the lives of those students.
REGISTER THE SCHOOL: FINANCIAL LIFE SKILLS RESOURCE PACK
SUBSCRIBE TO THE MONTHLY E-NEWSLETTER
DO YOU WANT TO PARTNER WITH A LOCAL SECONDARY SCHOOL? EXPRESS AN INTEREST

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