Experts want ‘financial literacy’ taught in schools

YOUNG Queenslanders are relying heavily on credit cards, with experts calling for greater “financial literacy” to be taught in schools.

YOUNG Queenslanders are relying heavily on credit cards, with experts calling for greater “financial literacy” to be taught in schools.

University of Queensland finance expert David Morrison said short financial planning for students would assist them when they got jobs.

New data from finder.­com.au reveals that Queenslanders aged 18 to 25 had more debt than those over 25.

A Department of Education spokeswoman said all Queensland schools taught mathematics from Prep to Year 10, with children learning about money from Year 1.

“Bring back the bank passbook idea where the children keep savings bank passbooks or an equivalent online account,” he said. “It’s too late waiting until they receive their first pay check.”

According to finder.com.au, which surveyed more than 7000 Queenslanders from 2017, we have the most credit card debt in the country – $2138 on average. Those 25 and under had about $2227 debt per person – more than double those in NSW ($1050).

“Equally parents can play an important role by supporting the ideas mentioned and importantly by ensuring that children understand the real impact of earning money and saving money right at home,” Mr Morrison said.