MBA shows the way by integrating financial literacy into construction training

The Financial Literacy Foundation worked closely with the ACT Master Builders Association (MBA) in 2006 on a Financial Literacy Pilot for apprentices. It was the first collaboration by the Foundation with an industry association which focused on integrating financial literacy into apprentice training.

The Pilot introduced financial literacy concepts to develop participants' knowledge and understanding of using budgets and savings plans, goal setting, superannuation, the role of credit, and identifying differences between good and bad debt.

In 2006, David Dawes, Executive Director of the ACT Master Builders Association, said 'Many of our apprentices will be self employed within three years of completing their trade qualifications, and with strong financial skills in both their personal and business lives they have a far greater chance of success'.

As a result of the positive findings from the evaluation of the Pilot conducted in 2006/07, the MBA is expanding the program to include all apprentices, school based apprentices and cadets.

A new dimension will be included in the program targeting the development of business skills for final year apprentices. These competencies form a recognised part of a Certificate IV in the ACT builder licensing system.

The Foundation continues to work collaboratively with industry associations, enterprises, individual employers, and other stakeholders to advance and coordinate financial literacy initiatives across the community.

The Assistant Treasurer's media release is available at http://assistant.treasurer.gov.au/mtb/content/pressreleases/2005/097.asp.