Boarder Financial Training: The Wealth Academy
The Wealth Academy is very proud to be a partner of the Australian Boarding Schools’ Association. We are a financial life skills education company that knows schooling, understands the teaching and learning environment, appreciates the challenges of boarding, and is dedicated to improving the financial life skills of students.
Ken Swan, Director of The Wealth Academy, is a previous teacher, curriculum adviser and school administrator. His company provides financial life skill resources to middle and secondary schools across Australia, and is partnered by many of Australia's major financial service associations.
These resources include student ezines, teacher activity books, eposters, nearly 200 video and video slideshows, information for parents of boarders and much more
Our partnership with ABSA has a clear focus — Improving the financial life skills and capability of students in boarding school.
As boarders live away from home, and without the daily guidance of parents, there is potential for students to develop attitudes and behaviours with regard financial decision-making, that will not serve them well in the future.
All boarders regardless of background, deserve the right to build their financial capability in a safe, structured and supported environment. The need for financial education is increasingly important as it can counter-balance the constant messaging boarders will read and see relating to gambling, spending, live for now - pay later advertising.
Please consider making contact with Ken from the Academy to arrange a meeting time, so he can show you the:
- wide range of resources
- background research
- various ways that boarding staff can make use of these resources, and
- way that boarding parents are supported in the financial education of their children.
This is an exciting partnership that will bring about positive change for members, their staff and most importantly boarders. We encourage you to get involved.
A Duty of Care Course reminder:
The level of ignorance in some students about financial matters can be frightening. This is revealed in the number of students who get into financial trouble through an inability to budget, a failure to understand the traps associated with credit cards and incapacity to retire debt.
The fiscal problem students have include living beyond their means, over-relying on parental assistance, and making unwise financial choices ...
These problems are a direct result of students not being given enough instruction about financial matters.
Dr Tim Hawkes Duty of Care, Book 2 p.119
Comments and Testimonials
My daughter’s financial habits will have largely been moulded by the experiences she has seen in the boarding house and the amount of financial life skills education she has received during her stay!
We decided upon a community partner approach because it gave us expertise to support our implementation model. Ken helped us to identify a local financial service professional. We met with Helen a few times initially ensuring we were all on the same page regarding our common goal of helping boarders to prepare for their financial future.
We now have access to the full range of resources offered by The Wealth Academy and we are also providing support to our parents, helping them to also guide the financial education of their children. We have decided to begin using the resources via an opt-in club approach whereby boarders who are interested can come to the sessions.
Scotch College, Adelaide
I think a financial life skills education is essential these days. Definitely, our children should not be leaving school without some knowledge and awareness of the financial world. It would be negligent to allow them to do so.
I have subscribed to the resource library of The Wealth Academy because I recognise the future importance of financial education for our boarders.
We are going to take a slow and steady approach to our use of these resources, working with Ken to build our capacity and find the best strategy to implement.
Ken recently presented an overview of the need, theory and resources of The Wealth Academy at a meeting with parents. The response from parents was great with many outspoken in their appreciation, and acknowledged the importance of this topic for their children.
Caulfield Grammar, Melbourne
If there are boarders gambling or not using their own money responsibly, I would expect the boarding staff to notify families and to work through a solution. I would not like my children exposed to or pressured into using their money irresponsibly. I would be very concerned if boarders were being allowed to gamble, and my child was regularly exposed to this.
Developing strong financial knowledge and skills is important to young people, especially to youth who may have limited resources and access to financial education and services.
The Wealth Academy range of resources targets young adults to build their understanding of financial capability and resilience. The building blocks approach empowers students to gain control of their money, set goals and achieve long-term, sustainable change in their money habits thus becoming successful contributing members of the community.
For borders at QATC the added benefit is that these building blocks will help them when they return to their farms and home communities, ultimately improving their capability in both personal and farm management in the future.
Qld Agricultural Training College
LINKS AND DOCUMENTATION
Directors of Boarding and staff, parents, boarders and school personnel may be interested in the following links.
- Research: Student perceptions of high school financial education
- Our industry partners
- Monthly newsletters
- Resource overview
- Video series overview
- Schools registration
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