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Commonwealth Bank initiative sees Australian schoolchildren sit finance test

The financial and money management skills of Australian youth were put to the test on August 15 when 65,000 students sat the Australian Financial Literacy Assessment (AFLA).

The Commonwealth Bank Foundation initiative, in partnership with Educational Assessment Australia, will see year nine and 10 school students in all states and territories undertake the hour-long financial literacy test.

Ralph Norris, CEO of Commonwealth Bank, says educating youth about money is the responsibility of all Australians.

I urge parents, government, business and education sectors to tackle the financial literacy of young Australians head on. Our nation’s young people deserve the resources to enable them to understand money and how to manage it.

Now in its second year, AFLA aims to provide a comprehensive overview of the financial capabilities of Australian students in years nine and 10 which, in turn, will help identify areas for improvement and what resources are needed to address these, added Mr Norris.