Program design
The content for our program is evidence-based and carefully curated to provide engaging, interactive learning opportunities.
A course for financial empowerment
The Money Mentor program provides a solid foundation for financial empowerment with its tailored, in-depth and practical approach.
Our program is clearly defined with a:
- focus on transition to work
- comprehensive, practical topics
- strong evidence base for content and methodology
- emphasis on engaging with all learning styles
Who should do this course?
Our program is designed for people who are new or returning to employment.
Job Ready
Individuals, students and new migrants exploring employment in Australia for the first time.
Practical content includes:
- getting a TFN
- paying tax
- award rates
- reading a payslip
Job Starter
Individuals, apprentices and professionals that have been in the workplace for a short time and want to learn how to achieve financial goals.
Practical content includes:
- how to read bills
- needs and wants
- budgeting
- investments
Job restarter
Individuals that have taken time away from work for family, health, study or other reasons.
Practical content includes:
-
taxation update
-
superannuation
-
budgeting
-
investments
Who should do this course?
Our program is designed for people who are new or returning to employment.
Job Ready
Individuals, students and new migrants exploring employment in Australia for the first time.
Practical content includes:
- getting a TFN
- paying tax
- award rates
- reading a payslip
Job Starter
Individuals, apprentices and professionals that have been in the workplace for a short time and want to learn how to achieve financial goals.
Practical content includes:
- how to read bills
- needs and wants
- budgeting
- investments
Job restarter
Individuals that have taken time away from work for family, health, study or other reasons.
Practical content includes:
- how to read bills
- needs and wants
- budgeting
- investments
What does the course cover?
We adapt the course to suit your requirements. Our comprehensive eight module program covers an array of key financial skills.
Module
Key conceptsKey terms
Module 2 to 8 vocabulary
Module
Getting a jobKey terms
Payslip, employee: casual, part-time and full-time, junior employee, income tax and industry awards
Module
Super and bankingKey terms
Superannuation, super funds, consolidating super and bank accounts: transactional, savings and term deposit
Module
SpendingKey terms
Bills, supply address, account number, billing period, due date and amount due, usage summary, your plan, payment options
Module
Income sources and credit interestKey terms
Needs, wants, short-term goals, medium-term goals, long-term goals, income sources, credit interest, savings
Module
Identifying expenses and budgetingKey terms
Expenses, fixed expenses, variable expenses, opportunity cost, budgeting
Module
Credit and debtKey terms
Credit, debt, good debt, bad debt, loan interest, fees, charges, cost of borrowing
Module
Future proofingKey terms
Investment, compound interest, shares and stock market
What is our evidence base?
Originally designed and developed in conjunction with Victoria University. The flexibility of our design, means that new research information, experience from conducting the program, and the feedback of participants can be incorporated into the program.
Select one of our statements below to read more about the research behind it
Financial ignorance carries significant costs; these costs will not only impact an individual’s personal financial situation, but also socially, as a lack of financial wellbeing can negatively affect mental health, leading to more pressure on the health system, a reduction in an individual’s capability to contribute to the workforce, and consequently more reliance on government handouts.
Lusardi, A, Oggero, N 2017, Millennials and Financial Literacy: A Global Perspective, GFLEC (Global Financial Literacy Education Center), viewed 7 January 2023, <https://gflec.org/wp-content/uploads/2017/07/Millennials-and-Financial-Literacy-Research-Paper.pdf>
National data supports the global perspective that financial literacy is an important determinant of, and correlates with, a range of outcomes including wealth accumulation, planning for retirement, superannuation savings, women’s economic empowerment and domestic violence.
Lusardi, A, Oggero, N 2017, Millennials and Financial Literacy: A Global Perspective, GFLEC (Global Financial Literacy Education Center), viewed 7 January 2023, <https://gflec.org/wp-content/uploads/2017/07/Millennials-and-Financial-Literacy-Research-Paper.pdf>
Students in the 15–16 age group are generally able to work and have access to many financial products and services such as bank accounts and debit cards according to data from PISA 2012 and 2015.
OECD 2019, PISA 2021 Financial Literacy Analytical and Assessment Framework, Organisation for Economic Co-operation and Development, viewed 7 January 2023, <https://www.oecd.org/pisa/sitedocument/PISA-2021-Financial-Literacy-Framework.pdf>
Research undertaken by the Organisation for Economic Co-operation and Development (OECD) to assess the financial literacy of middle secondary school aged students, specifically fifteen-year-olds, found that, one in seven students could not make even simple financial decisions in their daily spending.
OECD 2020, Many 15-year-olds struggle with financial literacy, OCED PISA report finds, Organisation for Economic Co-operation and Development, viewed 7 January 2023, <https://www.oecd.org/finance/many-15-year-olds-struggle-with-financial-literacy-according-to-oecd-pisa-report.htm>
Young people are recognised nationally and internationally as a critical cohort for financial literacy interventions.
Commonwealth Government of Australia, National Financial Capability Strategy, Commonwealth Government of Australia, Canberra, 2022, viewed 7 February 2023, <https://www.financialcapability.gov.au/sites/www.financialcapability.gov.au/files/2022-02/Financial-Capability-Strategy-2022_0.pdf>
OECD 2019, PISA 2021 Financial Literacy Analytical and Assessment Framework, Organisation for Economic Co-operation and Development, viewed 7 January 2023, <https://www.oecd.org/pisa/sitedocument/PISA-2021-Financial-Literacy-Framework.pdf>
The National Financial Capability Survey 2021 (Commonwealth Government of Australia, 2022) found that 94% of young Australians, aged from 14 to 17 agreed that it was important to learn how to manage their money.
Commonwealth Government of Australia, National Financial Capability Strategy, Commonwealth Government of Australia, Canberra, 2022, viewed 7 February 2023, <https://www.financialcapability.gov.au/sites/www.financialcapability.gov.au/files/2022-02/Financial-Capability-Strategy-2022_0.pdf>
Australian research found only 28% of teenage males and 15% of teenage females were considered financially literate.
Preston, A 2020, Financial Literacy in Australia: Insights from HILDA Data, UWA Public Policy Institute, The University of Western Australia, March 2020, viewed 7 January 2023, <https://api.research-repository.uwa.edu.au/ws/portalfiles/portal/73668586/Financial_Literacy_in_Australia.pdf>
There are significant gender gaps with women, on average, being less financially literate than men.
Preston, A 2020, Financial Literacy in Australia: Insights from HILDA Data, UWA Public Policy Institute, The University of Western Australia, March 2020, viewed 7 January 2023, <https://api.research-repository.uwa.edu.au/ws/portalfiles/portal/73668586/Financial_Literacy_in_Australia.pdf>
According to the 2016 Household, Income and Labour Dynamics in Australia (HILDA) Survey, 45% of Australian adults are financially illiterate. There are significant gender gaps with women, on average, being less financially literate than men.
Preston, A 2020, Financial Literacy in Australia: Insights from HILDA Data, UWA Public Policy Institute, The University of Western Australia, March 2020, viewed 7 January 2023, <https://api.research-repository.uwa.edu.au/ws/portalfiles/portal/73668586/Financial_Literacy_in_Australia.pdf>
People living in poverty are undoubtedly one of the most vulnerable populations and stand to benefit the most from financial literacy education, and yet impoverished individuals are less likely to engage in financial literacy programming.
(Hamiter 2018, p.31).
A 2020 survey asked five basic questions about money and compared it to the same questions asked in 2016.
The average correct score of Australian males fell from 4.1 in 2016 to 4.0 in the 2020 survey.
The mean score of Australian women, already lower than Australian males, fell even further behind from 3.7 to 3.5.
Australians aged 15 to 24 had the biggest decline with their mean correct score dropping from 3.4 to 2.9.
Roger Wilkins, Esperanza Vera-Toscano, Ferdi Botha, Mark Wooden and Trong-Anh Trinh (2022) The Household, Income and Labour Dynamics in Australia Survey: Selected Findings from Waves 1 to 20. Melbourne Institute: Applied Economic & Social Research, University of Melbourne, <https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0011/4382057/HILDA_Statistical_Report_2022.pdf>
Australia’s low rates of financial literacy lead to stress, anxiety and depression in our workforce.
Investing in financial education for your employees reduces financial stress and can result in:
- increased productivity
- reduced absenteeism
- increased work satisfaction
- job retention
- improved mental health
In addition, financial education can improve performance by:
- elevating decision-making abilities
- increasing leadership skills
- managing informed negotiations
StaffAny 2023, Financial Literacy for Employees: Why It Matters and How to Improve It, StaffAny, viewed 12 September 2023, <https://www.staffany.com/blog/financial-literacy-for-employees/#:~:text=2.-,Improve%20Employee%20Retention,in%20search%20of%20new%20employment>
Morgan, P 2022, Money Problems? Financial Literacy Could Benefit Your Business and Employee Returning to Work, Forbes Newsletter, viewed 7 August 2023, <https://www.forbes.com/sites/paulamorgan/2022/09/30/money-problems-financial-literacy-could-benefit-your-business-and-employees-returning-to-work/?sh=6e97af1564cc>
Australia’s low rates of financial literacy lead to stress, anxiety and depression in our workforce.
Nayya Marketing 2022, Financial Wellness: Can Financial Literacy Be The Key To Employee Rentention, Nayya Health Inc, viewed 5 September 2023,<https://www.nayya.com/blog/financial-literacy-the-key-employee-retention>
What learning tools are used?
A variety of tools are used to keep participants engaged and cater to different learning styles.
