• Financial literacy stakeholders
• Policy
• Australian Curriculum

 

 

Policy

To ensure young Australians become well-educated and financially literate consumers, ASIC has developed policies and strategies which ensure Australians are taught how to manage their money from a young age.

The Helping Our Kids Understand Finances initiative aims to prepare students for economic participation in life and work beyond school by building their consumer and financial literacy capabilities.

ASIC'sNational Financial Literacy Strategyprovides national direction for consumer and financial education.

The MCEECDYA endorsed National Consumer and Financial Literacy Framework provides guidance on how consumer and financial education may be structured to support a progression of learning from Foundation to Year 10.

More information about key ASIC and education policies which are relevant to consumer and financial literacy education:

• The Helping Our Kids Understand Finances initiative
• The National Consumer and Financial Literacy Framework
• The National Financial Literacy Strategy
• The Melbourne Declaration on Educational Goals for Young Australians
• The National Strategy for Young Australians

Back to topThe Helping Our Kids Understand Finances initiative

On 9 November 2010 the Federal Government granted funding for the Helping Our Kids Understand Finances initiative. The Helping Our Kids Understand Finances initiative will provide:

• Face-to-face training for 6,000 teachers delivered through a train-the-trainer model covering the elements of financial literacy within the Australian Curriculum
• An online suite of teacher training modules linked to the Australian Curriculum so every teacher has ready access to the materials they need to effectively deliver financial literacy
• Online and digital resource

The overarching objective of the Helping Our Kids Understand Finances (HOKUF) initiative is to prepare students for economic participation in life and work beyond school by building their consumer and financial literacy capabilities.

Through quality professional learning for teachers and the development of student curriculum resources aligned to the Australian Curriculum, Australian school students will be given the opportunity to develop the skills, attributes, knowledge and understanding they need to make confident, informed consumer choices and responsible financial decisions that are essential to their future financial wellbeing. ASIC is currently developing the MoneySmart Teacher Professional Learning Package which will be trialled in 2012/2013. 

Back to topNational Consumer and Financial Literacy Framework

In 2005 the Ministerial Council for Education, Early Childhood Development and Youth Affairs initiated a National Consumer and Financial Literacy Framework.

The National Framework was revised in 2011 to take account of:

• National and international developments in education and financial literacy research
• The advent of the Australian Curriculum
• The rapid advances in technology that have impacted greatly on Australians' use of online and digital environments in their everyday lives

Teachers and principals are the primary audience for this document. However, it is also highly relevant to the work of curriculum developers and curriculum support staff in state and territory government and non-government education authorities, pre-service teacher educators, and teacher professional associations. The Framework:

• Provides a rationale for consumer and financial education in Australian schools
• Describes essential consumer and financial capabilities that will support lifelong learning
• Provides guidance on how consumer and financial education may be structured to support a progression of learning from Foundation to Year 10

The National Framework is being used to inform the development of a complete MoneySmart Teacher Package (the Package) linked to the phased development of the Australian Curriculum. The Package will be available from the MoneySmart Teaching website in 2013. More information about the Australian Curriculum can be found on the Australian Curriculum page. 

Back to topNational Financial Literacy Strategy

Financial literacy is about understanding money and finances and being able to confidently apply that knowledge to make effective decisions. The National Financial Literacy Strategy was developed to provide a national direction for this priority area.

Back to topMelbourne Declaration on Educational Goals for Young Australians

Released by the Ministerial Council on Education, Employment, Training and Youth Affairs, the Melbourne Declaration on Educational Goals for Young Australians sets the direction for Australian schooling for the next 10 years.

The two main goals are to ensure Australian schooling promotes equity and excellence; and that all young Australians become successful learners, confident and creative individuals, and active and informed citizens. The effective integration of consumer and financial literacy education into the new Australian Curriculum will support the achievement of these goals.

Back to topThe National Strategy for Young Australians

The National Strategy for Young Australians (PDF, 2.72MB) sets out the Australian Government's vision for young people - that they should develop the confidence, resilience and skills they need to be involved and productive citizens - and eight priorities to help make this vision a reality. One of these priorities is equipping young Australians to shape their own futures through education.

Last updated: 22 Mar 2012