Govt asks states to back financial literacy in schools

Govt asks states to back financial literacy in schools

The Federal Government has invited the states and territories to participate in a new agreement that will support the expansion of a financial literacy program in schools for a further four years.

The MoneySmart Teaching program provides teachers with the skills and resources to develop stronger financial capabilities in young people. To date, more than 32,000 teachers have undertaken MoneySmart Teaching professional development.

Last month, a national survey of parents with kids between the ages of 8-17 years revealed that 43% of parents believe their children don’t learn enough about money at school.

The research found that more than a third of those surveyed were ‘worried’ about their children’s understanding of digital money.

Kelly O’Dwyer, the Minister for Revenue and Financial Services, said the new agreement will expand the MoneySmart Teaching program to more teachers so financial literacy lessons can have a positive impact on an even greater number of students and schools across Australia.

“Financial literacy education in schools is crucial to ensure that students develop the essential knowledge and skills to make sound financial decisions now and into the future, including when it comes to saving, borrowing and investing,” O’Dwyer said.

“That is why we want to give more teachers the capacity to teach their students financial literacy skills – skills that they will carry with them throughout their lives.”

Teachers that have engaged with the program report increased capacity to teach financial literacy education and their students show improved financial literacy knowledge.

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