Financial planning to be taught at school: How will this affect advisers?

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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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