Leading FinTech company IG Group donate $8.5 million for equity in education
IG Group, a leading global financial technology (fintech) company, have donated $8.5 million Australian dollars to Teach for Australia, a not-for-profit organisation that work toward breaking the cycle of educational inequality.
Since the creation of Teach for Australia in 2009, the small non-for-profit have assisted up to 530,000 students by bringing more than 1450 additional high-quality professionals to classrooms and supporting schools in strengthening leadership pathways.
The relationship between IG Group (IG) and Teach for Australia was notably impactful during the Covid-19 pandemic, where IG’s donations to the organisation enabled students to have access to consistent and quality education by providing in-built cameras for virtual classes.
Teach for Australia said IG Group’s recent donation will be used to recruit, train and place teachers where they are needed the most.
This donation comes as the Australian Education Union commenced lobbying for 100% funding for Australian Schools by 2028.
Australian Education Union representative, proud Lardil and Worimi woman, Alex Leon, previously told National Indigenous Times the vast minority of schools are sufficiently funded across the country.
“Currently across the nation one in ten students are underfunded in public schools and in the Northern Territory that is even worse, where one in five students are underfunded,” Ms Leon said.
“ACT is the only jurisdiction that has 100 per cent funding,”
In a necessary action that leads the way for all major organisations, IG Group have pledged the equivalent of one per cent of their prior financial year post tax profits to charitable causes, through a program called the Brighter Future Fund.
The organisation had set themselves a target of helping 100,000 young people by 2025 however have now commendably reached their goal two years early.
Through the Brighter Future Fund initiative they hope to assist 1 million people by 2026, an objective that is well on track.
“IG is committed to furthering the development of the next generation of bright young minds,” IG Group CEO of APAC and Africa, Kevin Algeo said.
“By continuing with our partnership with Teach For Australia, we are helping to get children the education and tools they need to help them to reach their full potential.
“Education and empowerment are central to IG’s identity – our business model and our ESG strategy centre around education as a core way to elevate individuals’ confidence and ability to meet their financial and life goals.
“In addition to our monetary commitment, we are also encouraging our employees to volunteer in their communities to have an impact at a grassroots level too.”
Mr Algeo said IG is proud of the impact our partnership with Teach for Australia has already had across Australia.
“In January 2023, we donated new laptops to Tennant Creek High School in the Northern Territory to provide a boost to learning and connectivity for students,” he said.
“It was fantastic to see and hear the impact on educational outcomes from the whole school community. We are excited to continue our relationship with Teach for Australia to ensure we support remote and underfunded schools to empower their students and teachers through education.”
Teach for Australia founder and chief executive, Melodie Potts Rosevear OAM, said the organisation’s partnership with IG is having positive impacts on young learners.
“We are delighted to continue working with the IG Group to bring great teachers and leaders to the classrooms that need them across Australia,” Ms Potts Rosevear said.
“We know that education has the power to change lives – and continuing our partnership with IG Group will ensure many more young Australians will have the chance to pursue their potential.
“Teach For Australia is truly thankful for this support from IG Group.”