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 Bank.