Financial literacy stakeholders
The Australian Securities and Investments
Commission (ASIC) is Australia's corporate, markets and
financial services regulator. It is the lead Australian government
agency with responsibility for financial literacy. ASIC is
committed to raising awareness of financial literacy and its
benefits, and creating opportunities for Australians of all ages to
learn more about money.
Collaboration among a broad range of
stakeholders is critical to the success of enhancing the financial
wellbeing of young Australians. Stakeholder engagement is essential
to achieving positive outcomes in ASIC's consumer and financial
literacy policy and programs.
ASIC has a large and diverse group of
stakeholders. Key stakeholders in consumer and financial literacy
education include:
Back to topOrganisation for Economic Cooperation and
Development (OECD)
The OECD is an international economic
organisation of 34 countries founded in 1961 to stimulate
economic progress and world trade. The mission of the OECD is to
promote policies that will improve the economic and social
wellbeing of people around the world.
In 2009 the OECD announced that a financial literacy component
will be included in the 2012 Programme for International Student Assessment
(PISA), highlighting the critical importance attached to financial
literacy education.
Australia is participating in the PISA assessment process, in
which the financial literacy of 15 year olds will be tested. The Australian Council for
Educational Research (ACER) is developing, and will be
implementing, the tests with funding provided by ASIC.
Back to topCouncil of Australian Governments (COAG)
COAG is
the peak intergovernmental forum in Australia and is chaired by the
Prime Minister. Its role is to initiate, develop and monitor the
implementation of policy reforms that require cooperative action by
state and territory governments. In education, the Smarter Schools
policy focuses on literacy and numeracy, professional learning and
low socio-economic schools. Financial literacy is underpinned by
literacy and numeracy and all teachers need professional learning
in this area.
Back to topMinisterial Council for
Education, Early Childhood Development and Youth Affairs
(MCEECDYA)
Established in July 2009, MCEECDYA is responsible for primary and
secondary education, early childhood development, youth affairs and
international school education. In March 2005, MCEECDYA's
predecessor commissioned the National Consumer and Financial Literacy
Framework. It was endorsed by the then Australian Education
Systems Officials Committee (AESOC) in November 2005. The
Australian Education, Early Childhood Development and Youth Affairs
Senior Officials Committee (AEEYSOC) approved the updated rationale in
2009.
Back to topAustralian Curriculum, Assessment and Reporting
Authority (ACARA)
ACARA is a statutory authority responsible
for developing a national K-12 curriculum; developing and
administering national assessments; collecting, managing and
analysing student achievement and other data; and reporting on
school and system performance. It is developing a new Australian Curriculum and a range
of reforms to improve basic literacy and numeracy skills. Financial
literacy opportunities in the Australian Curriculum will develop a
core skill set for a generation of young Australians.
Back to topAustralian Institute for Teaching and School
Leadership (AITSL)
AITSL is
responsible for fostering and driving high-quality professional
development for teachers and school leaders. ASIC is working to
ensure that pre-service teachers will be able to access
professional learning in consumer and financial literacy in their
courses.
Back to topAustralian Government Financial LiteracyBoard
The Australian Government Financial Literacy Board is
a non statutory body that provides advice to the Government and the
Australian Securities and Investments Commission
(ASIC) on financial literacy issues.
Back to topNational Reference Group
The National Reference Group comprises key stakeholders in
school education and provides high-level advice to ASIC.
The key objectives of the Group are to:
- Ensure that jurisdictional/sector perspectives and positions
are taken into account in ASIC's consumer and financial literacy
education forward planning, projects and activities
- Facilitate communication and consultation between ASIC and
national and state school education jurisdictions and sectors on
consumer and financial literacy policy and associated
activities
- Advise on strategies to ensure appropriate inclusion of
consumer and financial literacy in school programs, including
through integration in the Australian Curriculum
The National Reference Group comprises:
- One representative from each state and territory government
education department
- One representative each from the National Catholic Education
Commission (NCEC) and the Association of Independent Schools
(AIS)
- One representative from the Australian Government Department of
Education, Employment and Workplace Relations (DEEWR)
- Two representatives from a state consumer affairs department,
as agreed through the Standing Committee on Consumer Affairs
The Reference Group is chaired by a representative from ASIC's
Consumer, Advisors and Retail Investors team.
Back to topGovernment and non-government schools
All schools in Australia will be required to implement the new
Australian Curriculum. With
consumer and financial literacy being included across the learning
areas, as well as in general capabilities and the cross-curriculum
priorities, this should ensure that all Australian students are
exposed to consumer and financial literacy education throughout
their schooling.
Teachers and parents play an important role in teaching young
people about money matters. This needs to be done in a planned,
explicit manner at school, but also informally at home. This will
help young people become financially literate consumers capable of
full participation in society.
There is a strong commitment to developing consumer and
financial literacy in the business sector and general community.
Many major banks, financial organisations, not-for-profit
organisations and community groups have devoted much time and money
to producing resources that can be used by students, teachers and
parents to help increase the levels of consumer and financial
literacy in our community.
Last updated: 22 Mar 2012
