Financial planning to be taught at school: How will this affect advisers?
By WP | 7/12/2012 8:00:00 AM | 8 comments
Secondary school students across Australia will be taught about the financial principles of planning, saving, spending, donating and investing wisely as part of a program developed by ASIC.
The scheme, set to be launched at a secondary school teaching conference in Adelaide on Tuesday 11 December, will be funded by ASIC’s MoneySmart Teaching Secondary package.
“ASIC’s MoneySmart Teaching program will equip younger generations with the skills and behaviours to make responsible financial decisions, but to do this, teachers and parents need the tools to help them understand money,” said ASIC commissioner Peter Kell.
Starting next year, financial literacy will be used as a backdrop for mathematics, science and English lessons. All units of work are aligned to the Australian Curriculum and have been developed for students in years 7–10.
“MoneySmart Teaching emphasises that consumer literacy and financial literacy are interdependent. The classroom units address some of the immediate issues facing young people like buying a mobile phone or purchasing goods online. MoneySmart Teaching aims to help young people meet real-life challenges through education which is relevant to their lives,” said Kell.
“Today, three out of four children own a mobile phone by the time they start secondary school. In one of our maths units of work, How can we reduce our spending?, year 7 students learn about saving money by buying ‘smart’ and comparing mobile phone plans ensuring that their mobile phone costs remain within budget.”
ASIC’s secondary package will be trialled in approximately 35 secondary schools across Australia. Face-to-face professional learning will be delivered to approximately 2,000 secondary school teachers. Online professional learning will be available to all teachers via the MoneySmart Teaching website.
ASIC’s MoneySmart Teaching packages for primary and secondary schools are part of the $10m Helping Our Kids Understand Finances (HOKUF) initiative.
Click on page 2 below for a sneak peak at the curriculum.
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Stephen on 07 Dec 2012 10:21 AM
I think that everyone needs some form of basic money sense especially the fundamentals of FV and PV but the amount of rather strange things that kids can now opt for in their later years of school is getting ridiculous. Some high schools don't even demand that people do maths anymore let alone any science or social studies. Some of the skills I see now at kids in first year of uni is mind bogglingly poor. I think that high schools need to focus on teaching kids necessary skills instead of opting for soft subjects that give them a better ATAR.
Angus D on 07 Dec 2012 11:27 AM
Fantastic news! Long overdue. Congrats to all of those involved.
Mel on 07 Dec 2012 03:25 PM
I am all for financial education, however I don't think that teachers with their already crowded curriculums should be the ones to teach it. My parents were both teachers, so I have a lot of clients who are teachers. I REALLY don't want them teaching our kids the way that they think.
Bruce on 10 Dec 2012 03:17 PM
I agree with Mel's comment about curriculums and teachers, but what a great opportunity for Financial Planners to offer to pass-on their knowledge. I did the FPA's Dollarsmart program at my son's school and it was very well received.
Glenn on 10 Dec 2012 04:30 PM
Kids should be taught these skill anyway. Agree with Mel, as the attitudes they will learn will be more harmful than beneficial. Michael, so right would be a good thing for Advisers to do some probono workshops!
@ryandavidgrant on 12 Dec 2012 10:31 AM
This can only be good for our future. I know of many FPs who have provided training and teaching at local schools and universities due to the severe under investment in the financial education of our nation. I look forward to seeing a stronger Australia as a result!
Anna on 12 Dec 2012 03:35 PM
It would be great to have financial planners teaching these units around Australia. ASIC could set up a register for schools to link up with financials advisers who also hold 'working with children' cards .