Consumer and financial literacy: Numeracy

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The Numeracy capability strongly supports the development of consumer and financial literacy by equipping students to use mathematics in their everyday lives. Numeracy supports the development of the following dimensions of consumer and financial literacy.

Approximate proportion of the dimensions addressed by Numeracy

The most significant contribution numeracy makes to consumer and financial literacy is developing competencies and skills that can be applied to authentic consumer and financial contexts. Through the sub-element called ‘Use money’, students develop an appreciation of the use and value of money and learn to apply this knowledge to purchasing, budgeting and creating financial plans. This learning can be transferred to a range of real-world financial situations; for example, students can calculate the change from simple purchases or develop and evaluate financial plans to support specific financial goals.

Through other elements of the Numeracy capability, students develop a range of skills that enable them to solve and model real-world consumer and financial problems such as calculating how much tax to pay when earning income, calculating how far they should travel to purchase discounted fuel, determining the value of percentage discounts, or calculating interest paid or earned. Students also learn to solve problems in authentic contexts that involve interpreting and evaluating statistical information and identifying patterns and trends. This learning helps students make informed decisions in real-world contexts with confidence and to assess risk based on sound reasoning.

The elements of using spatial reasoning and using measurement have not been included in this mapping. However, there are opportunities to include aspects of these elements in the teaching and learning of consumer and financial literacy. For example, students might cost materials based on measurements, compare the volume or capacity of different products to calculate ‘best buy’, or interpret maps to measure distance and compare the cost of alternative means of transport.

MoneySmart Teaching and Tax, Super and You provide a number of interdisciplinary units and interactive activities that either focus on or include aspects of the Numeracy capability.

      

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Typically, by the end of Year 10, students:

Interpret proportional reasoning

illustrate and order relationships for fractions, decimals, percentages, ratios and rates

Interpret chance events

explain the likelihood of multiple events occurring together by giving examples of situations when they might happen

Typically, by the end of Year 10, students:

Estimate and calculate

solve and model problems involving complex data by estimating and calculating using a variety of efficient mental, written and digital strategies

Use money

evaluate financial plans to support specific financial goals

Recognise and use patterns and relationships

explain how the practical application of patterns can be used to identify trends

Apply proportional reasoning

solve problems involving fractions, decimals, percentages, ratios and rates

Interpret data displays

evaluate media statistics and trends by linking claims to data displays, statistics and representative data