Schools across Melbourne’s north west are encouraged to participate in the Suncorp Bank ESSI Money Challenge.
The annual financial literacy initiative is in its tenth year and is designed to make younger Australians more savvy with their hard earned dollars.
Named after the core financial concepts of earning, saving, spending, and investing (ESSI), the challenge supports students in developing essential money management skills in a real-world simulation.
Set in a virtual world, participants navigate real-life financial scenarios, such as opening a bank account, budgeting, working for income, selecting credit cards, making investment decisions, and completing quizzes.
Delivered by the Financial Basics Foundation, this nationwide initiative continues its mission to strengthen financial literacy among Australian secondary school students, with more than 55,000 students participating since 2016.
According to the 2025 Australia Post eCommerce Report, Gen Alpha, the age group born between 2010 and 2024, influences $8.5 trillion in global spending, with 86 per cent of parents saying their children browse online for goods.
As digital natives and emerging online shoppers, Gen Alpha is being targeted by increasingly sophisticated marketing strategies, underscoring the importance of financial education.
With 60 per cent of Gen Alpha parents unsure whether their own financial knowledge is relevant to today’s youth, and 82 per cent wishing there were more tools to help teach children about money, the initiative seeks to bridge the information gap.
Financial Basics Foundation chief executive Katrina Samios said educational tools have to evolve with the times.
“Young people are increasingly exposed to financial advice through social media and other unreliable sources, which makes it more important than ever to provide accurate, engaging resources,” she said.
Last year, 7320 students from 281 schools across the country took part in the challenge– which is free to enter.
The challenge has a total prize pool of more than $12,000, of which victors can share among themselves and their peers.
Registrations have now opened for teachers wishing to enter their classes in the challenge: https://financialbasics.org.au/educator-hub/essi-money-challenge/
