Barefoot Investor Scott Pape brings financial literacy into NSW schools

Scott Pape has secured a major win in his mission to guarantee money education for Aussie kids, with the NSW Treasurer set to introduce a financial literacy challenge in schools.

NSW public school students can take part in a new financial literacy challenge across schools from next month following lobbying by money guru Scott Pape.

Pape, known as the Barefoot Investor, lobbied the NSW government to help ­improve children’s understanding of money.

Scott Pape is thrilled with the decision to set up a financial literacy challenge for NSW students.

Pape, who is also a columnist with The Sunday Telegraph, is thrilled with the government’s decision to set up the financial literacy challenge, the first of its kind in the country.

“I’m super proud that NSW have already committed to launching their own program to tackle this problem,” he said.

“I’m really excited and hope that they (and the other states) incorporate the principles that my Money Movement pilot program has learnt along the way.”

Pape pledged to support the Gladys Berejiklian government with its new ­initiative.

“I’m looking forward to seeing what they come up with and the impact it will make to our next generation,” he said.

Scott Pape’s Money Movement starts on Foxtel’s Lifestyle channel on June 23.

Soctt Pape’s campaign for financial literacy for Australian kids features in his upcoming Money Movement show on Foxtel, starting June 23.

The government plans to work with the Australian ­Securities & Investment Commission to develop the challenge using its MoneySmart teaching and learning resources.

A pilot program is slated to begin in schools in term 3, which kicks off on July 12.

In a joint statement, Treasurer Dominic Perrottet and Education Minister Sarah Mitchell said the new challenge will help children ­develop positive money habits and increase their financial literacy.

Scott Pape hits the classroom in his Money Movement show.

Mr Perrottet said the Treasurer’s Financial Literacy Challenge will provide students with practical knowledge around managing their own money.

“This challenge will inspire lifelong skills and ­behaviours that will better prepare children to participate safely and effectively in the real world,” the father of six said.

“We know when children have a strong foundation in financial literacy, they are less likely to fall into financial traps, particularly early on in life, helping them build a stronger future.

Pape’s self-help books have been bought by millions.

“The challenge is designed to make managing personal finances accessible for all students, to give every student a chance to perform simple ­calculations with money and solve simple purchasing problems.

“Starting early with students as young as five means they will develop good habits to make decisions that will benefit their financial ­future.”

Ms Mitchell said the challenge will give students a taste of saving money, budgeting and experience how that can impact them in real life.

“Schools play an important role in familiarising students with ideas about managing their personal ­finances,” Ms Mitchell said.

University of NSW Chancellor David Gonski also ­welcomed the government’s announcement.

“It will provide our next generation with great assistance in one of life’s valuable skills,” he said.

There are also calls for NSW to join the ACT, Vic­toria and Queensland in banning banks and financial institutions in schools, inclu­ding the Commonwealth Bank’s 50-year-old school banking program Dollar­mites following damning findings from the Royal Commission into Banking last year.

ASIC’s review of school banking programs in primary schools, which was released in December, found that school banking couldn’t be proven to improve savings behaviour and exposed young children to “sophisticated marketing tactics”.

PUPIL’S GET A BLEND OF NEW IDEAS

Mariya Saric employed an unusual recipe to help her students swallow the importance of financial education — a credit card smoothie.

The high school teacher took a blender into class and shredded her cards to grab the teens’ attention as she taught them about the risks of credit.

Ms Saric says “financial life skills” should be taught in school, just like English and maths.

“I think it needs to be mandated,” she said.

“So that every kid can walk away and go ‘Yep, I’ve got an understanding of this’.”

Mariya Saric is fan of teens gaining financial literacy.

The 41-year-old mother of three is among many in her profession with the same view.

The Australian Education Union maintains financial literacy “is critically important for students so that they can understand personal finance such as savings, debt, credit card traps, budgets and taxation,” according to Federal President Correna Haythorpe.

Eighty-six per cent of teachers recently surveyed in a limited 100-plus sample by Kids News said kids should be taught about money management in school — and most said that should start in primary years.

Nearly half said money should be taught as a priority; and 38 per cent said it should be taught but acknowledged schools would need extra resources.

Ms Saric maintains teenagers would benefit, particularly when they get their first job and have spare money.
She noted that a lot of teens with part-time jobs spend their earnings on takeaway food, when they could be saving to get ahead.

Ms Saric’s trick with the blender features in the Foxtel show Scott Pape’s Money Movement.

Ms Haythorpe said the union welcomes the development of programs that can be used to enhance student understanding of the importance of personal finance strategies — but slammed school banking programs “which are delivered by banks” — but help to attract students as adult customers.

Scott Pape’s Money Movement starts on Foxtel’s Lifestyle channel on June 23.

Originally published as Barefoot Investor Scott Pape brings financial literacy into NSW schools