Russell and The Smith Family launch Australian financial literacy program
Russell grant of A$100,000 funds new Smith Family educational program “Mastering Money for Life”
SYDNEY, 3 November 2006 – Global investment and superannuation specialist, Russell Investment Group (Russell), has joined forces with The Smith Family to launch a major educational program designed to help improve the financial literacy of young Australians and their families.
The initiative is part of Russell’s global Focused Giving Initiative, and reinforces the company’s global mission of “improving financial security for people”.
As part of its 20th anniversary in Australia celebrations this week, Russell’s Global CEO Mr Craig Ueland last night presented a cheque for A$100,000 to The Smith Family – a grant which the firm hopes will become the first instalment in a multi-year educational program.
The money will be used to launch a new program – Mastering Money for Life – which will greatly strengthen The Smith Family’s capacity to provide financial literacy programs to Australians. The core objective of the new program will be to up-skill approximately 120 of The Smith Family’s staff to expand the delivery of financial literacy programs, targeting thousands of disadvantaged families across Australia.
The new Mastering Money for Life Program has the ability to effectively reach:
- 120 employees of The Smith Family - working in Australian communities
- 22,700 children currently receiving scholarships from The Smith Family
- 11,600 families benefiting from programs run by The Smith Family
- 73 disadvantaged communities around Australia, which are currently benefiting from the programs run by The Smith Family.
Mr Ueland said Russell was delighted to be associated with a wonderful organisation with such deep roots in the Australian community.
“We are very pleased to be partnering with The Smith Family to help build a sustainable and valuable financial literacy program for Australia’s most needy individuals and families.
“Today individuals and households must have the tools to cope with the increasingly complex world of financial instruments. Understanding the financial world is crucial as people assume more responsibility for their own retirement security. And financial education is not just for investors. It is just as important, if not more so, for parents trying to balance their budget and save for their children's education as well as their own retirement,” Mr Ueland said.
Mr Paul Henderson, Chief Operating Officer of The Smith Family, said he was delighted to be partnering with Russell to further develop and expand the important financial literacy work the organisation is carrying out around Australia.
“Our work in financial literacy shows a clear need for better education across Australian communities to help people make the right basic financial choices to ensure their current and future security. This partnership with Russell will help The Smith Family build on our existing programs to help spread the financial literacy message far and wide across Australia – bringing important financial security benefits to those most in need,” Mr Henderson said.
About Russell’s Focused Giving Initiative
In 2005 Russell launched a global philanthropic program called the Russell Focused Giving Initiative – which forms part of Russell’s overall Corporate Giving Initiative. Through Focused Giving Russell will be committing new philanthropic dollars to support projects that meet pressing needs in two key areas: Financial Literacy and Children. These two areas were chosen because of global need, interest by Russell associates, and also alignment with Russell’s mission of improving financial security for people – including family and community. Russell associates around the world will help identify charitable causes and organisations whose work either builds financial literacy, helps children, or both.
More information on The Smith Family’s Financial Literacy work can be found at www.thesmithfamily.com.au
Issued by Russell Investment Management Ltd ABN 53 068 338 974, AFS Licence 247185 (“RIM”). |
