New financial literacy program to help build money management skills
24 August 2011
Wesley Mission and St.George Bank today launched a new user-friendly financial literacy education program in Sydney aimed at making money management simple, accessible and effective for all.
The program, entitled In charge of my money, will be used by Wesley Mission to assist communities, groups and individuals who are finding it difficult to manage their money and to be better able to make informed decisions about their spending and borrowing.
“When Wesley Mission’s own research* shows that a third of people in NSW don’t know how to manage their basic daily finances, and that financial stress is on the rise, it underlines the urgent need for an initiative like this,” Wesley Mission’s CEO, the Rev Dr Keith Garner, said at the program launch in Sydney today.
“This new program means that people need no longer be overwhelmed by money management.”
In charge of my money is a simple “know It, do It, review It” consistent program that covers a range of topics, including:
- identifying income and expenses
- differentiating between needs and wants
- setting up a budget
- understanding the costs related to credit card use and other forms of borrowing
- how to save
St.George Bank Chief Executive Rob Chapman said Wesley Mission has a strong reputation in providing financial counselling and financial literacy services in the community.
“This program, which we have developed with Wesley Mission, will provide a vital new financial education service to those Australians who need additional assistance with taking control of their finances,” Mr Chapman said.
“St.George has a long track record of being closely involved in our local communities and we are committed to improving financial literacy in New South Wales, particularly among the disadvantaged.
“St.George is proud to partner with Wesley Mission to deliver this unique financial education program.”
The new financial literacy program will be promoted through community centres and organisations, government agencies and Wesley Mission’s own community services. It is designed both for people who are experiencing financial difficulties and for those wishing to proactively manage their finances.
“Wesley Mission has always promoted the need for more financial counselling because once people’s financial situation becomes unmanageable, it can affect so many other areas of their lives – their mental health, their relationships, their families and their livelihoods,” Dr Garner said.
“This has a flow-on affect to the wider community and places increased demands on all sorts of services.”
Wesley Mission acknowledges the assistance of the Australian Securities and Investments Commission in the development of the program.
*Making ends meet: Financial stress is not just about money. Wesley Mission, Sydney. 2010. www.wesleymission.org.au/Research
Wesley Mission operates extensive financial counselling services across Sydney, Newcastle and the Central Coast. It helps thousands of people each year find a way forward when they are overwhelmed by debt.
For more information please contact:
Mobile: 0437 049 458
Mobile: 0423 845 412