Local schools are being encouraged to put their financial literacy skills to the test in the upcoming Suncorp Bank ESSI Money Challenge.
Back for its ninth year the competition will run nation-wide from Monday, 19 August to Friday, 30 August 2024.
Hosted by Financial Basics Foundation, this annual event aims to enhance financial literacy among secondary school students.
Last year saw more than 9,000 students from 320 schools participate in the Challenge with students from Western Australia topping the leaderboard.
This free national competition provides a unique opportunity for teachers to impart critical money management skills to their students.
The Suncorp Bank ESSI Money Challenge immerses students in a game based in a ‘virtual world’ where they learn about earning, saving, spending, and investing.
Participants engage in various activities such as opening a bank account, budgeting, investing, working to earn money, selecting credit cards, and completing quizzes.
The interactive platform offers a safe and engaging environment for students to practice
real-life financial transactions and experience the consequences.
CEO of Financial Basics Foundation Katrina Samios attests that the Suncorp Bank ESSI Money Challenge is a step in the right direction for educating young Australians in
building healthy financial habits.
“We believe that all Australian students deserve the right to financial education to help ensure they have the confidence and skills to navigate their financial future,” she said.
“From our decades of working closely with teachers and researchers, we know that developing healthy financial habits from a young age has a positive impact throughout life, and we believe that the Suncorp Bank ESSI Money Challenge promotes this.”
While the Suncorp Bank ESSI Money Challenge runs annually for two weeks, the ESSI Money game, which forms the basis of the Challenge, is available year-round for teachers aiming to boost their students’ financial literacy.
Suncorp Bank Executive General Manager, Consumer Distribution, Chris Fleming, outlined the value of Suncorp Bank’s partnership with Financial Basics Foundation in developing financial literacy for the next generation.
“Our partnership with Financial Basics Foundation empowers and equips young Australians with the financial knowledge they need to build sound knowledge and healthy habits as they enter the world of banking,” he said.
“We are excited for the Suncorp Bank ESSI Money Challenge to launch in August and look forward to seeing young people learn and grow.”
Participants in the Challenge compete for a chance to win real-life prize money for themselves and their school from a total prize pool of over $11,000.
Teachers can register their classes for the Suncorp Bank ESSI Money Challenge starting 1 August.
For more information on the Suncorp Bank ESSI Money Challenge click here.
