The Mortgage and Finance Association of Australia (MFAA) is partnering with YMCA NSW for Global Money Week.
Global Money Week is an annual international money awareness initiative, founded in 2012 and coordinated by Child & Youth Finance International (CYFI). The MFAA recently announced its partnership with Global Money Week and CYFI to bring the initiative to Australia.
“Financial literacy is a growing problem in our community. In Australia alone some 25% of children and young people aged 12-17 have some form of financial debt,” the CEO of YMCA NSW, Leisa Hart said.
According to the MFAA, children and young people are more at risk of financial strife because credit cards are a way of life for many Gen Ys. Australians are signing up for their first credit card earlier and about 42% of people under 24 have between $10,000 and $30,000 of personal debt, says the association.
As a part of Global Money Week, the MFAA and YMCA will be running free 20 minute interactive presentation sessions at schools and fitness centres in NSW to help teach Australian families about savings.
“The MFAA is happy to be partnering with the YMCA NSW for Global Money Week. The YMCA is an organisation with strong ties in the community and the MFAA has the best educated brokers. We are equipping our members with the content to facilitate the delivery of information on savings to Australian families,” the CEO of the MFAA, Siobhan Hayden said.
“Just making children and young people aware of money basics early can make a difference so we’re covering concepts like saving, spending, needs and wants”, said Ms Hart, “We are very pleased to be working with the MFAA to bring the Global Money week program to Australia for the first time.”
Global Money Week 2016 is themed 'Take Part, Save Smart' and will take place on 14-20 March 2016.