The Commonwealth Bank has launched the 2013 Teach Awards aimed at celebrating the nation’s pedagogues who inspire kids to improve their financial responsibility.

The awards have been launched after a new report shows that while 98 per cent of Australian parents say they set a good example when it comes to educating their kids about money management, 33 per cent feel as though they are not effective in managing their own finances and their children to be the same.

The survey revealed that 93 per cent of parents believe it is important for teachers to educate kids about money and finance, while 98 per cent feel that  recognition of the work of outstanding teachers in Australia is important.

To acknowledge teachers and foster the programs they are developing to improve the money management skills of young Australians, the Commonwealth Bank Foundation has launched its 2013 Teaching Awards program.

Ian Narev, Commonwealth Bank Chief Executive Officer and Foundation Chair said, “Teachers play an integral role in shaping a child’s understanding of money management which is a critical life skill. Through the 2013 Teaching Awards we will recognise inspirational teachers who are finding fun, engaging and creative ways to help kids build their financial literacy skills”.

The 2013 Commonwealth Foundation Teaching Awards will reward 15 teachers across the nation with $10,000 each to fund financial education initiatives in their schools, along with an additional $2,000 for each winning teacher.