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Financial literacy to become part of the school curriculum

Thursday, 14 December 2005

The National Consumer and Financial Literacy Framework was endorsed by the Australian Education Systems Officials Committee on 4 November 2005.

The Framework is the result of a directive from Ministerial Council of Education, Employment and Youth Affairs (MCEETYA) in May 2005.

Through this framework, all Australian school children will have access to financial literacy education in their compulsory years at school. The framework is a descriptive document that sets out appropriate educational goals in financial literacy for the school years 3, 5, 7 and 9. It will build levels of knowledge and understanding, competence, enterprise and responsibility to provide a sound basis for financial decisions students will face in adult life.

It will be useful to teachers, curriculum developers, and those developing educational materials. The Foundation will be using the framework as a measure of quality of educational materials it lists on its website.

Specifically, the Framework will:

  • inform National Statements of Learning agreed to by MCEETYA in English, mathematics, science, civics and citizenship and information and communication technology;
  • provide guidance to states and territories in the development of their Kindergarten to Year 10 curricula relevant to consumer and financial literacy;
  • provide guidance to developers of resource materials; and
  • support professional learning and development of all teachers of consumer and financial literacy.

The Framework is a multi-disciplinary framework that relates to employability skills.

The Framework describes the essential knowledge, skills, understandings and values that all young Australians should have the opportunity to learn in the years 3, 5, 7 and 9. This includes income, competition, exchange, liability, power and value as they relate to consumer and financial literacy.

A working party established by MCEETYA developed the framework, and submitted it to AESOC, receiving approval in November. The working party included representatives from all federal, state and territory consumer affairs agencies, and education departments, and also, the Financial Literacy Foundation.

The Framework is available on the MCEETYA website at www.mceetya.edu.au/public/public.htm

Enquiries:

Gillie Kirk
Financial Literacy Foundation
Phone: (02) 6263 3632