Apprentice builders will for the first time be taught how to budget and save for retirement as part of their trade training, Assistant Treasurer Mal Brough announced today.
Mr Brough said the Financial Literacy Foundation, a Howard Government initiative, and the Master Builders Association have finalised a landmark pilot program that will see 200 apprentices, sub-contractors and cadets in the ACT receive training in money management next year.
Training will include how to develop and use budgets for home and work, savings plans, the use of debt and credit, and understanding superannuation.
"The pilot is the first collaboration by the Foundation with an industry association to deliver financial literacy training into vocational education," Mr Brough said.
"The program will be evaluated after 12 months with the view to incorporating the training into building apprenticeships nationally."
Master Builders Association (ACT) executive director David Dawes 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".
Mr Brough said the pilot program, to be undertaken by the Master Builders Association in the ACT, will begin in March 2006.
"This is an exciting step for the Foundation to help tailor training programs to the needs of industry groups such as the MBA," he said.
The Financial Literacy Foundation has been set up to deliver the Howard Government's commitment to help Australians make informed financial decisions and better manage their money.