A group of Greater Bank employees from across regional NSW have again been enlisted to teach the important life skills of financial literacy to high school students across the state.
Among the 22 Greater Bank Financial Literacy Ambassadors is Joshua Murchie from the Newcastle East End Branch, who will link with ambassadors from the University of Newcastle in Terms Three and Four to deliver the Fundamentals of Financial Literacy Program to students across the New England.
The program, developed through a partnership between Greater Bank and the University of Newcastle, harnesses the strength of the University’s theoretical background with the application of the customer-owned bank’s practical, real-world experience to provide students with essential financial skills for life.
Students receive the latest information on how community attitudes and people’s relationships to money are changing, as well as strategies on saving, reducing debt and how to avoid being scammed.
The four-week program is delivered to schools across state either face-to-face or online.
Mr Murchie recently joined the Greater Bank Ambassadors at the University of Newcastle’s NuSpace Campus in the Newcastle CBD for training on the latest course content and strategies around effectively delivering content in the classroom.
Delivering the program to students across the Hunter Region is something Mr Murchie is deeply passionate about.
“After studying commerce at the University of Newcastle and having discussions with friends, family and customers, I noticed that some people lacked understanding of foundational concepts in money,” Mr Murchie said.
“This created my interest in the program and the opportunity to help young people build a greater understanding of these important concepts, which we know will lead to better decision making and quality of life.
“What I really like about the course is the delivery of practical skills, as well as information on and emerging trends that are particularly important for older students, such as online banking, ‘Buy Now Pay Later’ schemes and cryptocurrencies.
“I’m really looking forward to working with the University of Newcastle ambassadors to deliver this program to schools in the Hunter.”
Research undertaken by the University of Newcastle in 2022 highlighted that more than a third of Australians are not financially literate, and that improving financial literacy leads to better financial outcomes, which in turn leads to higher overall life satisfaction. Financial Wellbeing and General Life Satisfaction in Australia Report was undertaken as part of the Financial Literacy Program with Greater Bank, with the aim of validating the need for a greater focus on financial literacy, particularly among students of high-school age.
Greater Bank Chief Distribution Officer, Emma Brokate, said the research program reinforced the importance of the financial education program for our youths.
“The research undertaken by University of Newcastle supported our reasoning for developing this financial literacy program and making it available to more primary and high school students across the state,” Ms Brokate said.
“The Greater Bank Finance Academy’s financial literacy outreach program teaches students about money, saving, planning, and investing, as well as the benefits and potential pitfalls of credit cards and other financial products.
“These are foundational skills that all children should be accessing, because we know it will have a positive flow-on effect throughout their lives.
“It’s why we continue our commitment to rolling out the program across our areas of operation, including the Hunter region.”
Head of the University of Newcastle Business School, Professor James Skinner, said the relationship with the Greater Bank played an important part in enhancing the University’s social impact.
“Our aligned strengths in education and engagement, alongside our mutual commitment to ensuring a better future for our regions, laid the foundations for a strong partnership between our institutions,” Professor Skinner said.
“We are proud to play a role in increasing financial literacy within our communities, as well as providing our students experiences that mean they are community-minded and ready for work upon graduating.”
Schools wishing to take part in the Greater Bank Finance Academy can contact the Finance Academy team at [email protected] or go to greater.com.au/uon
Part of the recently formed Newcastle Greater Mutual Group, Greater Bank currently services more than 270,000 customers across NSW and South-East Queensland.
