NSW: Maitland schools, parents community unite to foster financial literacy skills in children

Children are developing financial literacy skills through a unique Lifeskills program that develops a sense for business, an understanding of money, saving and goal setting. The program uses an enterprise education model which involves parents, the community and local business, and includes six primary schools and one high school from Maitland to Sydney.

The program was pioneered by East Maitland Public School teacher, Steve O'Mara.

A significant part of the Lifeskills program was the 2005 initiative to introduce a common currency across schools known as the MUTUAL. Mr O'Mara negotiated with the Reserve Bank of Australia for permission to do so. The currency takes its name from the Maitland Mutual Building Society, which made a large commitment to be the central bank for the program.

The Maitland Chamber of Commerce and Industry has been an active supporter by raising $6754 to help finance the program.

Each school in the cluster purchases their MUTUALs from the Maitland Mutual Building Society. The exchange rate is $1 for 100 MUTUALs. Schools and parents promote and initiate several enterprising and commercial activities within their schools and with cluster schools.

Students use the currency they earn within the school through market days, bringing in recycling and produce. The cluster of schools comes together for large scale trade days and theme days. Students can even use their MUTUALs as legal tender at local businesses like the $2 shop in Maitland.

Businesses in the town that choose to recognise the school currency and allow students to shop with the Mutual can redeem the currency by depositing it with the Maitland Mutual Building Society in their business banking.

Individual schools with the help of parents encourage children to regularly bank their MUTUALS with the school. This promotes savings and encourages them to set goals. Students are issued with a passbook, have to fill out deposit and withdrawal slips and are able to earn interest on money invested.

For more information, contact us.