Citibank’s Citi Foundation has partnered with
Australian non-profit children’s charity The Smith Family to
deliver the first accredited course in financial literacy to
students in Australia, with the aim of improving financial literacy
outcomes for disadvantaged children.

The course will be rolled out in 2012 to 470
students aged between 15 and 18 years, across 16 communities in
Victoria and in New South Wales in Australia, as part of the new
‘Money for Life’ initiative.

This is the only financial literacy course in
Australia that can be used as a credit towards a student’s standard
12 school qualification.

The US-based Citi Foundation made a 10-year,
$200m global commitment to financial education in 2004, and the
‘Money for Life’ initiative is a “perfect fit” for Citi
Foundation’s support, according to the lender.

Chief country officer for Citi Australia,
Stephen Roberts, said, “Money for Life is clearly aligned with the
Citi Foundation’s focus on financial inclusion for individuals and
families in need. It is also a new initiative to engage students,
with credit towards their final year of schooling.”

The banking market in Australia is dominated
by the ‘big four’ local lenders, namely Commonwealth Bank of
Australia, Westpac, National Australia Bank and ANZ. Citi is one of
the few foreign banks that have a retail presence alongside HSBC
Bank Australia, Bank of Cyprus Australia, and Beirut Hellenic

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