Policy Analysis and Program Evaluation

Publication Date



Financial literacy, Banking, Financial management, Primary school students, Secondary school students, Program evaluation


This report uses findings from independent research conducted by the Australian Council for Educational Research (ACER).


The Commonwealth Bank Foundation’s school-based, financial education program, StartSmart, was developed with the assistance of education experts and launched in 2007. The StartSmart program – is a series of interactive, financial literacy workshops delivered in classrooms by a team of facilitators which works in partnership with school teachers to deliver effective financial education. The program extends to students in primary, secondary and vocational education settings. The Commonwealth Bank Foundation engaged the Australian Council for Educational Research (ACER) to undertake an evaluation of the StartSmart program. The purpose of this research was to measure the impact of StartSmart on students’ financial literacy from both primary and secondary schools. From Term 4 2012 until May 2013, teachers in primary and secondary schools were surveyed immediately before a StartSmart session and again in the 2-4 week period afterwards. Participating teachers were asked questions about the changes they observed in their students and the impact of the program. Data was collected from 274 primary teachers and 196 secondary teachers (representative of approximately 8000 students). Based on the program logic model, the evaluation measured impact on students in four areas which are important in successful financial education: Attitude towards financial concepts; Level of financial knowledge; Students’ behavioural intention; and Confidence/self-efficacy in managing their own finances.

Place of Publication



Commonwealth Bank Foundation

Geographic Subject

Tasmania, Victoria