In 2003, the Commonwealth Bank Foundation was established to encourage developments in education, in particular the financial literacy skills of young Australians. The Foundation is guided by the goal of creating awareness, skill and understanding of a more financially literate community.

The Commonwealth Bank Foundation’s programs are designed to promote the benefits of money management skills amongst those considered least financially literate. Our research has shown that improved financial literacy can reduce poverty, increase economic opportunities and boost national savings*.

Many of our programs are aimed at providing young people with the financial skills they will need to take them through life. We believe that financial literacy education is one of the most effective ways of ensuring a financially literate population.

Formal research and consultation has revealed that parents and teachers are key influencers on young people, therefore developing their skills and understanding will also have a positive flow effect. Many of our programs are designed to help address the gaps in financial literacy of teachers and parents.

*Research conducted by the Commonwealth Bank of Australia, in conjunction with the University of Monash during 2005 revealed that if efforts are focused on improving the financial literacy of the 10% of the population with the lowest understanding in this area, Australia’s economy could be boosted by $6 billion per year with the creation of 16,000 new jobs.