Young people in McEwen are using the Gillard's Government's free website, MoneySmart.gov.au, to learn more about budgeting, saving and avoiding the pitfalls of credit cards and debt.
Parliamentary Secretary to the Treasurer, David Bradbury, joined Member for McEwen, Rob Mitchell, at special MoneySmart forums at the Wallan and Sunbury Secondary Colleges.
MoneySmart was developed by the Australian Securities and Investments Commission (ASIC) and gives people free access to a toolkit of online resources, including budget planners, credit card and mortgage calculators and information about superannuation.
"It's never too early to start learning about personal finances, and MoneySmart is a free, easy and reliable tool to help you get started," said Mr Bradbury.
"It doesn't matter how young or old you are, it is never too late to take a financial health check. Understanding more about your financial health can help you set goals and be more engaged.
"MoneySmart can offer guidance on things like signing up to your first mobile phone contract, making a savings plan or working out the real cost of borrowing money and using credit cards.
"There are 26 calculators and tools, including specially-designed mobile phone apps, to help people find the answers to their questions about money."
Mr Mitchell said he encouraged everyone in the local community to try MoneySmart for themselves.
"I want to see more people, particularly young people, be better informed about the choices they make so that they can take control of their finances," said Mr Mitchell.
"Making the right decisions when you are young can help you avoid mistakes with your finances in the future.
"As high school students complete their final exams, a large number of young people are about to enter the workforce for the first time and start making decisions about how they use their money. The free guidance offered on the MoneySmart website can help them understand the risks and benefits of the choices they make.
"The website is free and easy-to-use and can be accessed from home, public libraries or even your smart phone."
MoneySmart is part of the National Financial Literacy Strategy, which aims to improve the understanding of personal finances among Australians. The Gillard Government has also provided $10 million over three years for the Helping Our Kids Understand Finance program, in which ASIC will deliver face-to-face financial literacy training for more than 6,000 teachers as part of the new Australian Curriculum.
Go to www.moneysmart.gov.au to see the full range of calculators and online tools. You can also search for ‘MoneySmart' in the Apple iTunes App store or the Android Market on your mobile device, as well as follow MoneySmart on Facebook and Twitter.
19 October 2011