Financial Basics Foundation is a registered charity established to help educate secondary students about the credit system and responsible financial management practices.

Launched in February 2002, the Foundation was created by Collection House Limited, an ASX-listed receivables management company. It evolved from the Collection House Board's recognition and commitment to its "triple bottom-line" responsibilities (being financial, environmental and social). Rather than continuing to support a number of varied charities, the Board decided it would be a more effective use of its charity dollars to direct this funding into programs that can educate the community about the industry in which Collection House operates - specifically, educational institutions that help the community (and in particular secondary school students) understand credit issues, and equip them with the skills to manage their finances effectively.

The Foundation has been established to achieve a specific Dream:

"Helping to 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".

The Board of Collection House Limited have pledged their support through a $1.0 million commitment over five years.

www.collectionhouse.com.au

Financial Basics Foundation Chairman, Barrie Adams (centre) receives the first $200,000 cheque from Collection House Limited Chairman, Dennis Punches (left), and Managing Director & Chief Executive Officer, John Pearce (right) at the launch of the charity in February 2002

The Patron and Directors on the Board of the Financial Basics Foundation provide their time and expertise on a voluntary basis.

To achieve our dream, Financial Basics Foundation believes financial literacy skills should be part of the national secondary school curriculum.

There are two ways to reach this goal - to go through the education regulatory channels to make financial literacy a compulsory part of the curriculum, or to empower individual schools to develop a tailored program that would suit the particular needs of their students and school communities. Whilst we believe the first route is a necessary one, we believe this is a longer-term strategy that will be facilitated by the development of the second strategy.

With the support of The Hon. - Mal Brough (Federal Minister for Revenue and Assistant Treasurer), the Foundation held a national think-tank on financial literacy education in July 2002 to find out what, if anything, was currently being taught in this area. Attendees included members of regulatory bodies such as ASIC, government organisations, representatives from educational associations and a number of school principals.

As a result of the Think Tank the Foundation funded a series of pilot programs in which 15 schools in 4 states developed and trialed their own financial literacy courses. The purpose of the pilot programs was to identify the best approach to deliver financial understanding and money management skills to young Australians. Over 2,500 secondary students were involved. Participating schools were encouraged to develop programs tailored to meet the needs of their school and local community.

For more information on Operation Financial Literacy, please refer to the "What is Operation Financial Literacy" page on the Teachers & Parents section of this site.