Financial literacy programs making a difference for kids

In good news for parents and teachers, an independent evaluation of ASIC’s MoneySmart Teaching Program has found that it yielded strong results amongst students learning financial literacy.

Being financially literate is a crucial life skill that many parents strive to instil in their children. ASIC’s MoneySmart Teaching Program aims to “strengthen the financial capability of students across Australia”.

More than 32,000 teachers across Australia have undertaken MoneySmart professional development since 2012. More than 70 per cent of Australian schools have accessed these resources online.

The evaluation undertaken by EY Sweeney found that after taking the MoneySmart course, students can now “understand the importance of learning about money”.

Further, it found that:

• 96 per cent of students now say it is important to learn about money
• 82 per cent said they were interested in learning about money

ASIC Acting Chair, Peter Kell, said in a statement released today that “financial literacy is part of the Australian Curriculum, it is not an extra, and there is a broader commitment to embed financial literacy education more fully in schools.

“We will continue to look for more opportunities to influence and strengthen the financial capabilities of teachers and students to make a real difference in the financial wellbeing of communities.

“’Many teachers reported a positive impact on their own financial decisions in relation to credit cards, budgeting and borrowing in response to engaging with the teacher professional development program.

“Encouragingly, 83 per cent of teachers using ASIC’s MoneySmart Teaching Program reported that it increased their ability to teach their students about money, while 90 per cent reported that engaging with the Program gave them more confidence when talking about money,” said Mr Kell.

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