Many in the population have little to no financial literacy. This is not a skill being taught in schools and the negative flow on effects can have a major impact on people’s lives (particularly for young people!).
To combat this challenge, this team has developed a brilliant, bold idea, where Elon Musk or the government gives every newborn child a $3,000 trust at birth. To claim the money, young people must go through a financial education program at 13. The money can then be invested by the young people, where they can start putting their learning into practice.
To trial their idea, this team are going to run a workshop that focuses on upskilling the KIC year 9s and 10s, to improve their financial literacy, empowering them to succeed in managing their own money. The workshop will be hosted by a highly engaging expert, who will explain: tax, tax file numbers, cards (difference between credit and debit cards), investing, interest rates, by now pay later schemes (BNPL), etc.
