Gary Bickerton and Harry Tyler were the driving forces behind the creation of what is now Futurity Investment Group.
On 1 January 1973, the Australian Government assumed financial responsibility for tertiary education. Two months later it abolished fees and the Federal Scholarship Grant System. Fearing ‘free tertiary education’ would only assist students whose parents could afford the living expenses associated with university, Gary and Harry hatched a plan, so every family could save and plan for lifelong education costs.
Officially registered as The Independent Provident Society on 8 August 1974, the organisation’s first Members were a gardener and his wife who invested $54 to help fund the education aspirations of their two children.
From humble beginnings in a unit in Melbourne’s inner east, Futurity is now owned by more than 48,000 Members. For the past 50 years, it has supported more than 570,000 Members and returned a staggering $3.8 billion to Members in education benefits.
Gary and Harry founded the organisation on the belief that education is a transformative force for good, with the power to create a more equitable society and a more innovative, and prosperous world.
Through targeted philanthropy, advocacy, research and thought leadership initiatives, Futurity has and will continue to make a positive and lasting impact, just as Gary and Harry dreamed.
Futurity’s support of the NEiTA Foundation and the Futurity Education Foundation, which oversees key relationships with The Smith Family, Yalari and Country Education Foundation Australia has allowed the Mutual to break down barriers, establish education pathways and allow students facing disadvantage to have access to the education and lifelong learning opportunities they need to fulfil their aspirations.
Futurity timeline:
- 1974 – Founded by Gary Bickerton and Harry Tyler as The Independent Provident Society.
- 1977 – Name change to The Australian Scholarships Trust.
- 1984 – $6.4 million funds under management.
- 1986 – 87 students receive their first scholarship allowance.
- 1990 – The Australian Scholarships Trust expands into New Zealand.
- 1992 – Name change to The Australian Scholarships Group.
- 1992 – $130 million funds under management.
- 1994 – CEO, Terry O’Connell launches the National Excellence in Teaching Awards.
- 1995 – Memberships surpass 250,000.
- 2002 – $1 billion funds under management.
- 2004 – The Australian Scholarships Group form an alliance with The Smith Family and its Learning for Life program.
- 2009 – Australian Scholarships Group students and National Excellence in Teaching Awards winners attend International Space Camp in Alabama USA.
- 2011 – More than $200 million in education benefits returned.
- 2012 – The Australian Scholarships Group Cost of Education campaign is launched.
- 2019 – Name change to Futurity Investment Group.
- 2020 – Education Bonds released to market.
- 2021 – The Futurity Education Foundation is established.
- 2024 – Futurity forms an alliance with Yalari to help to advance learning outcomes for First Nations, rural, regional and remote students.
- 2024 – More than $3.8 billion in education benefits returned since 1974.