Helping young people to understand money matters
The State Government is providing new funding to help young people learn about budgeting and money matters.
Communities and Social Inclusion Minister for Zoe Bettison said the State Government will provide $100,000 to community organisations to deliver the MoneySmart Rookie program, as part of the 2016 Connected to YOUth strategy.
Organisations can apply for the one-off grant amount of $500 per young person registered to complete the MoneySmart Rookie program. The minimum number of young people that an organisation can apply for funding for is five and the maximum is 20.
"High demand and low vacancy rates for rental properties mean young people living independently need good budgeting and money management skills to secure and maintain a tenancy," Ms Bettison said.
"Young people on low incomes are at a high-risk of unstable housing and homelessness."
Ms Bettison said funding is available for not-for-profit community organisations throughout South Australia to deliver the program to young people aged 15-24 years who are homeless or at risk.
"As part of the program, young people will learn about credit cards, managing debt, the financial pitfalls of mobile phones, and what to consider when buying their first car or when living out of home," she said.
Ms Bettison said MoneySmart Rookie is one of a number of programs aimed at helping young people navigate the transition from school to the workforce.
"I am also excited to see Connected to YOUth's young entrepreneur Be a Job Maker approach take shape," she said.
"Over the next year, we will investigate what start-up opportunities are available in South Australia, enabling young South Australians to develop their entrepreneurial spirit."
Applications for the MoneySmart Rookie open today and close on 20 April 2016. Organisations in regional and remote areas are strongly encouraged to apply.
To apply online or for more information, visit the Office for Youth website at www.officeforyouth.sa.gov.au or call (08) 8413 8178.