How to improve financial literacy education

April,14,2022

For Financial Literacy Month, let us emphasize the importance of improving the teaching of financial literacy in schools.

With the number of students who don’t know how to manage their money being on the rise, read on to learn 6 ways to improve financial literacy education so that more of them learn how to make better-informed decisions.

Call us now to get expert guidance on how to manage your finances.

 

According to studies, 16 % of 15-year-olds in Australia lack even the most basic sense of financial awareness required to engage in society. There is evidence that financial literacy is dropping in this age range. According to recent studies, most students have little knowledge of personal finance. This involves the ability to apply fundamental numeracy to real-world financial situations, such as making cost-effective purchase decisions and comprehending interest rates on loans and investments.

 

Recommendations to improve financial literacy

Given the importance of financial literacy for student well-being, here are 6 recommendations:

1. Financial literacy education in high schools should be upgraded, ideally as an independent program, but also by incorporating financial literacy ideas into as many curricular areas as possible.

2. Mathematical financial literacy education must be increased through a variety of methods, including but not limited to calculation activities.

3. Financial literacy education should be expanded to subjects other than math and business, with that shifting focus from financial calculations to financial concepts.

4. More exposure to effective financial techniques, particularly how to regulate spending to save, is required for students.

5. More exposure to good financial techniques, particularly how to limit spending for saving, is needed for students.

6. To allow students to demonstrate what they have learned; a variety of evaluation tools should be available. Assessment assignments should incorporate written pieces, visual or theatrical presentations, oral explanations, and calculations.

 

Learn how to manage your expenses and stay on top of your financials with the supervision of a Create and Protect financial planning expert.

 

 

Financial Education Programs

A number of organizations are launching new and enhancing already launched financial education programs to assist students in learning money lessons for life, to be confident in talking about money, and to make better-informed financial decisions.

During this year’s first term, new nationwide programs were launched with the aim of improving financial literacy in Australian schools. Such programs, striving to involve students in real-world scenarios and focus on critical life phases, teach young Australians how to manage their money for the rest of their lives.

Money habits form early in life, and kids are exposed to a wide range of spending influences and possibilities. In secondary school, students are thinking about having a career, making spending decisions, and assessing their finances

Enhancing the teaching of financial literacy in schools constitutes the foundation of Australians’ financial wellbeing. This, in turn, produces a stronger community in which well-informed young Australians know what’s best for them in terms of finances. Reach out to one of our Create and Protect financial planners and safeguard your financial future with us.

 

Disclaimer:The information included in all of our blog content is of general nature only. Any general advice included in this information has been prepared without taking into account your objectives, financial situation or needs.
Because of this, you should consider the appropriateness of the general advice to your objectives, financial situation and needs and obtain professional advice before acting on any general advice that we have provided to you.

 

Want to learn more about education funding, risk management and insurance, self-managed super fund, and more?