In a heartwarming journey of financial growth, Philip, a Year 9 student from Victoria, participated in the ABCN Goals program. Already familiar with money matters from discussions at home, Philip fully embraced the chance to enhance his financial capability through the program.
‘I’ve always been the type of person to save my money rather than spend it impulsively,’ Philip said. ‘My dad is always talking about the importance of saving and spending my money on the right things.’
As part of ABCN’s partnership with Ecstra Foundation, financial capability is being integrated into ABCN’s career mentoring programs.
The ABCN and Ecstra partnership aims to address the issues that many young people from lower socio-economic backgrounds face, that can result in lower financial capability outcomes.
Reflecting post-program, Philip recalls how the Goals program strengthened his understanding of personal finance, especially when it came to decision-making in purchases.
‘The decision-making map they taught us was like a pyramid,’ Philip explained. ‘It made me think twice about whether I really needed something or if it was just a momentary desire.’
This newfound restraint proved beneficial during a basketball tournament when he had forgotten his lunch. Instead of indulging in snacks and lollies, he consciously chose to purchase only the essential items for energy.
The skills introduced during the program aim to provide students with practical lessons and rules to improve their financial wellbeing.
In Philip’s case, his father had already shared the ’33 per cent rule,’ but the financial capability lessons within the Goals session reinforced this concept, providing him with a better grasp of allocating money for savings, bills, and personal expenses.
‘I’ve become much smarter with my decisions, distinguishing between my needs and wants,’ Philip proudly shared. ‘It has given me more confidence in managing my finances.’
The program also provided Philip with a better understanding of his pay slips and a sense of financial planning, resulting in him becoming more observant about his income and expenses, recognising the significance of budgeting.
‘I think it would be a smart decision for everyone to attend financial capability sessions,’ Philip said thoughtfully. ‘Having a grasp on what you’re doing with your money is essential.’
‘The Goals program was a booster, a stepping-stone towards my future. I’m really thankful for everything you guys have done.’
ABCN’s partnership with Ecstra aims to develop the financial literacy skills of 1,000 students like Philip each year. Currently in the third year of partnership, ABCN continues to make a significant difference in the lives of young individuals across the nation.
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