As we head into our 16th year we would like to share the story of how Financial Basics Foundation began and why the vision from our founding partner all those years ago still guides us today.
In 2002 when Collection House began discussing the idea of supporting charitable initiatives within the industry in which it operates, the company embarked on a journey to create an organisation and program to help ensure that all young Australians leaving the secondary education system have an understanding of the credit system and financial management practices so that they can make informed decisions on their financial affairs.
Then, as now, we are all too familiar with various media reports on the subject of young people and their money. In stark contrast, little is read or heard about the interventions, occurring every day within Australian classrooms to address such matters and to prepare our youth for many of the challenges that lie ahead. Collection House recognised the need to develop the financial literacy of young people and established the Financial Basics Foundation.
The activities we have undertaken throughout the last 15 years to address this issue make for a compelling headline.
We began working directly with 12 high schools in the greater Brisbane area and have grown to now having a membership of over 3,000 educators and our resources being used in over 1,300 schools across Australia.
For the past 15 years the Financial Basics Foundation and Collection House have supported the case for the need for financial education in the classroom, and in doing so we have developed a number of successful initiatives that make financial education a reality.
Recently, we have worked with Collection House staff to develop and deliver a classroom presentation on the topic of debt and over-indebtedness.
Collection House is undoubtedly the ‘subject matter expert’ in this area, and the presenters provided ‘real life’ knowledge and insights to the students. The ‘Slaying the Debt Dragon’ presentation is being delivered to more schools as part of a pilot program in 2018.
We know that providing young people with information is only part of the solution. Being able to manage personal finances and make the financial decisions to achieve life goals, requires a combination of knowledge, skills, and actions. Together, these abilities are known as “financial capability.”
The Financial Basics Foundation and Collection House remain committed to ensuring that all young Australians are financially capable and can manage their finances now and into the future.
We are grateful for the ongoing support and generosity of our founding partner and wish to acknowledge the significant financial and in-kind contribution made by Collection House over the last 15 years.