The Australian Securities and Investments Commission's (ASIC) latest attempt to improve children’s understanding of the financial world is targeted at high school students. ASIC Commissioner Berna Collier says the regulator will hold a “Moola Talk” competition in which years 9 and 10 students in the Northern Territory will create a poster illustrating how best to utilise their money and avoid getting “ripped off” by dodgy financial schemes. The winner will be awarded $1000 for their school and $200 for themselves.

“ASIC wants to encourage young people to learn about money matters, so that they are better placed to manage their money in adult life and make the right financial decisions,” she said. “The competition will also promote awareness of consumer rights and responsibilities in financial matters.”