The annual Suncorp Bank ESSI Money Challenge is back for its ninth year, running 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 nationwide.
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 practise real-life financial transactions and experience the consequences.
There is a strong need for such initiatives, as demonstrated by industry data that has revealed that 82% of Aussie Gen Zs, between 18 to 26 years old, are financially stressed, and nine in ten Gen Zs have a strong desire to boost their financial literacy.
Chief executive 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. 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,” said Ms Samios.
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.
The impact of the game is evident with 79% of participants reporting that the new skills they learned will help them in the future and 69% of respondents achieved financial goals over the subsequent year.
Suncorp Bank executive general manager, consumer distribution, Chris Fleming, outlines 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. We are excited for the Suncorp Bank ESSI Money Challenge to launch in August and look forward to seeing young people learn and grow,” said Mr Fleming.
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, please visit financialbasics.org.au/educator-hub/essi-money-challenge/
