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Push to add financial literacy to high school curriculum

9 December, 2019
Push to add financial literacy to high school curriculum  Image

In October I asked the Minister for Education about Financial Literacy in NSW Schools, those questions appear to have been answered by the NSW Treasurer. I don’t care who answers, just interested in outcomes.

We've got all of these young people who are going out into employment and they've got taxation to deal with, they've got superannuation to deal with, they have to decide if they want to be self-employed, a business owner, a Pay As You Go employee, a contractor.

We put them out into this environment and they don't have a clue about many of these things.

When I asked the question about Financial Literacy in NSW schools, many people talked about The Barefoot Investor (Scott Pape). 

Yesterday the NSW Treasurer revealed he has been meeting with Scott Pape and famed maths educator Eddie Woo to talk about how to bring financial education into NSW Schools (Barefoot class in schools | The Sunday Telegraph (Dec 08, 2019)).

In the New Year I will seek a meeting with the Education Minister to make sure that the essence of the teachings is not diluted through NSW Education. 

If delivered correctly it can be a game changer for young people in NSW.

If you're interested in my original question and the answer from the Minister:

1584 - FINANCIAL EDUCATION AT NEW SOUTH WALES HIGH SCHOOLS

Butler, Roy to the Minister for Skills and Tertiary Education representing the Minister for Education and Early Childhood Learning
  1. Does the current New South Wales high school curriculum contain requirements for education in financial responsibility and future financial planning?
    1. If not, will the Minister commit to making financial literacy part of the High School curriculum, including basic market theory, taxation and superannuation (compounding growth and the importance of timing), and differences between investors and investment classes, self-employed (sole proprietor), business owner and employee (Pay As You Go and contractors)?
Answer -

In New South Wales, all students undertake mandatory study of Mathematics from Kindergarten to Year 10. It is a requirement of the Mathematics K-10 syllabus that students develop financial literacy. Students develop knowledge, understanding and skills about money, financial transactions, investments and income.

In addition to their study of Mathematics students in Years 7-10 may elect to study Commerce. This course provides opportunities for students to learn about financial responsibility and future financial planning, for example consumer and financial decisions, earning an income, spending and saving income, borrowing money, managing finances, investing money, investment planning, superannuation, and the financial considerations involved in running a business such as being a sole trader and Pay As You Go.

Students in all government secondary schools are required to undertake the Life Ready program in Year 11 and⁄or Year 12. The program helps prepare students to transition confidently to post-school independence, and participation in the community. Students develop knowledge and skills to prepare them for financial independence, for example credit, debt and savings; paying for further education and accessing financial support; budgeting, loans, leasing, tax, superannuation and accessing money overseas.

 
 

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