Ecstra Foundation report finds Australian parents, students and teachers want schools to teach kids money skills
Don’t you wish you learned less cos, sin and tan – and more about interest rates, budgeting and superannuation at school? You’re not alone and experts say it’s a problem.
No doubt you were sitting in maths class at age 14 wondering where Pythagoras theorem would take you in life.
Unless your career in engineering, STEM or trades has forced you to use this equation, odds are you have not thought about it since.
A common question students ask is “why are we learning this?” – and no, it’s not rhetorical.
Ecstra Foundation’s Financial Education in Schools Survey this year found an overwhelming consensus of teachers, parents and students wanted to learn about financial literacy in schools, but the reality is it’s not happening in Australia’s crowded curriculum.
Ecstra chief executive Caroline Stewart said her organisation is committed to improving the financial wellbeing of Australians.
Their survey of over 2000 teachers, students and parents found financial education is more important than ever, but schools are still not prioritising it, with less than half of the near 900 students surveyed reporting they have learned about savings, budgeting or investing at school.
“The data reinforces what we think people already knew – teaching financial literacy in schools is something everyone thinks should happen,” Ms Stewart said.
“It is in the curriculum, but it is taught inconsistently across different subject areas.
“It could be a student goes through most of their schooling without dedicated financial literacy learning.
“The number one thing that parents say to us is I wish I’d learned more about money at school – less theoretical maths and more practical money skills.”
Ms Stewart said rising cost of living and interests rates has made Australians more aware than ever of their financial literacy deficit.
Ecstra is pushing for more focus on financial literacy skills in the classroom and curriculum, as well as supporting families to talk money at home.
“We know that some households may not feel comfortable talking about money at home, or may lack the understanding of money skills,” Ms Stewart said.
“So we need a national approach that helps families, schools and community learn more about financial literacy and get those money life skills they need for key decision points in life.”
The peak body for business educators in Australian schools described the current curriculum approach to financial literacy as “fragmented” and “dispersed across several learning areas”.
Business Educators Australasia president Debbie Perrett advocates for mandatory financial literacy learning and a national approach taught by skilled teachers.
“Financial literacy should be a mandatory part of the curriculum, taught by suitably qualified and experienced teachers who can deliver skills and knowledge that are contextualised, relevant, contemporary and real-world,” Ms Perrett said.
“Practical, real-world financial education is vital – and economics and business teachers are uniquely placed to lead financial literacy, ensuring it is relevant, engaging and practical.
“To achieve consistent, lasting outcomes for all students, a co-ordinated national approach to financial literacy is essential.”
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Originally published as Ecstra Foundation report finds Australian parents, students and teachers want schools to teach kids money skills
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