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Economics and Business National Consumer Financial Literacy Framework -…
Economics and Business
National Consumer Financial Literacy Framework
What is it?
Purpose
Provide a rationale for consumer and financial education in Australian schools.
describes essential consumer and financial capabilities that will support lifelong learning.
provides guidance on how consumer and financial education may be structured to support a progression of learning from F-10
http://www.curriculum.edu.au/verve/_resources/National_Consumer_Financial_Literacy_Framework_FINAL.pdf
Framework builds on the learning outcomes of the Early Years Learning Framework
Recognises the diversity of family, cultural and community backgrounds that students bring with them to school
To Be Financially Literate (Reynolds, 2019)
Students that have the ability to apply knowledge, understanding skills and values in consumer and financial contexts to make informed and effective decisions that have a positive impact on themselves, their families, the broader community and the environment.
Interrelated dimensions of learning that underpin consumer and financial education
Knowledge and understanding
the nature, forms and value of money; income and expenditure; and language commonly used in a range of consumer and financial contexts
money can come from a variety of sources and is used to meet and finance our needs and wants, now and in the future.
critical appreciation of the factors that affect consumer choices e.g impact of advertising, ICT, media
consumer rights and responsibilities, the legal rights and responsibilities of business regarding goods and services provided to consumers, and the risks and complexities in the consumer and financial landscape
identify scams and other risks and understand options for seeking advice or redress
Competence
appreciate that money is a finite resource and needs to be managed
variety of ‘real-life’ contexts, - use a range of practical tools and strategies to keep financial records, manage their finances on a daily basis, and to plan for the future
need to balance risk against reward and learn to work out ‘best value’ when purchasing a range of goods and services and choosing financial products
discriminate between fact and opinion and to evaluate the claims made in advertising
alert to risks in a range of consumer and financial contexts and learn ways to manage these effectively
Responsibility and enterprise
explore what it means to be a responsible and ethical consumer a
learn how business has
legal and ethical responsibilities towards consumers
their own roles as producers and consumers of goods and services - how they fit into broader nat/global economic and social contexts
roles that socio-cultural influences and personal values play in consumer and financial decision-making and learn that there are often - consequences that impact indiv, their families, broader comm and environ
dev enterprising behaviours: student investigations, charity fundraising, product design/dev, business ventures and events
Link to the Curriculum
In an increasingly complex, globalised and rapidly changing world it is critical for every young Australian to not only be able to cope with life’s challenges but also to flourish as financially literate and enterprising citizens in the 21st century.
All young people need opportunities to develop financial and enterprising capabilities that enable them to successfully and confidently operate in a complex, information-rich financial world.
Developing consumer and financial capability in young people is a strong investment in Australia’s social and economic prosperity
Informed the development of the MoneySmart Teacher
Package , linked to the phased development of the Australian Curriculum
LINKS TO THE AUSTRALIAN CURRICULUM GENERAL CAPABILITIES
LINKS TO THE AUSTRALIAN CURRICULUM’S CROSS-CURRICULUM PRIORITIES
Why is the Framework Needed?
Knowing how to manage personal finances is one of the most important and challenging features of everyday life
Core skill in today's world - affects quality of life, opportunities of individuals and families can pursue, their sense of security and overall economic health of Aust society
Young ppl today are interacting with money and making consumer choices from an early age
Sts are growing up in a fast paced consumer society where money is increasingly 'invisible'
There is a growing range of choice and complexibility in consumer and financial products, increasing use of online and dig environments for shopping and making financial transactions, and where individuals carry a greater level of responsibility for the decisions they make in these contexts
Sts currently at school will also face a number of social, economic and moral challenges in their lifetimes that will impact on their lives and choices such as increasing global interconnectedness (personal lvl and more broadly); climate change; the ageing of the population; and scarcity of natural resources
Sound consumer and financial skills help individuals and families make the most of opportunities, to achieve their goals and to secure financial wellbeing.
By developing foundational consumer and financial knowledge, skills, values and behaviours from an early age, all Australian students, including those from the most disadvantaged backgrounds, will be better equipped to overcome or avoid financial exclusion
Supports the The Alice Springs (Mparntwe) Education Declaration
Goal 2: All young Australians become:
confident and creative individuals
successful lifelong learners
active and informed members of the community
Consumer and financial literacy encompasses both knowing about money matters and being able to apply that knowledge effectively across a range of contexts, including in online and digital environments.
Students develop important knowledge, skills, values and behaviours that enable them to:
be enterprising, show initiative and use their creative abilities
embrace opportunities, make rational and informed decisions about their own lives and accept responsibility for their own actions
be well-prepared for their potential life roles as family, community and workforce members
become responsible global and local citizens.
Consumer and financial education supports goals by empowering students with the knowledge, skills, values and behaviours needed to make responsible and informed consumer and financial decisions, vital to effectively managing life and work in the 21st century
