Earlier this year, the Organisation for Economic Co-operation and Development released the findings of the first international study of young people's levels of financial literacy, as part of its Programme for International Student Assessment. Australian students scored fourth out of the 18 participating countries and economies. The study represents a major improvement in global knowledge of young people's financial literacy. It also supports the recent efforts of the Australian Securities and Investments Commission and Australia's education sector to prepare younger generations for the challenges of financial decision making beyond school. This article discusses the importance of teaching Australian students good money habits early in life. It then looks at policy responses to this issue, including Australia’s National Financial Literacy Strategy 2014-17, and ASIC's MoneySmart Teaching program – an initiative developed to integrate consumer and financial literacy education into mathematics, science and English in the Australian Curriculum.
Subject HeadingsFinancial literacy
Teaching and learning