Consumer and financial literacy: Personal and social capability

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Personal and Social Capability has an important role in developing consumer and financial literacy in young people, equipping them with the knowledge, understanding, skills and dispositions needed to engage in a range of consumer and financial situations. Personal and Social Capability contributes to the development of the dimensions of consumer and financial literacy as shown in the diagram below.

Approximate proportion of the dimensions addressed by Personal and Social Capability

The development of Personal and Social Capability is a foundation for active citizenship. Through developing an understanding of self and others, students understand their own consumer and financial attitudes and behaviours and appreciate those of others. They learn to identify the resources needed to set and achieve goals, to communicate effectively and to handle challenging situations constructively. They learn to apply informed decision-making in a range of real-world contexts and use criteria to evaluate the effects of individual and group decisions. These are important skills for responsible participation in real-world consumer and financial contexts. Personal and Social Capability also supports the development of enterprise skills such as leadership, working productively with others, planning and organising, adaptability and resilience. Dispositions that enable effective participation in consumer and financial contexts, such as feeling positive about themselves and others, persistence, confidence and self-discipline are also enhanced by this capability.

Moneysmart for teachers and Tax, Super and You provide a number of interdisciplinary units and interactive activities that include aspects of Personal and Social Capability.

    

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Typically, by the end of Foundation Year, students:

Recognise emotions

identify a range of emotions and describe situations that may evoke these emotions

Recognise personal-qualities-and-achievements

identify their likes and dislikes, needs and wants, and explore what influences these

Typically, by the end of Foundation Year, students:

Communicate effectively

identify positive ways to initiate, join and interrupt conversations with adults and peers

Negotiate and resolve conflict

listen to others’ ideas, and recognise that others may see things differently from them

Typically, by the end of Foundation Year, students:

Work independently and show initiative

attempt tasks independently and identify when and from whom help can be sought

Become confident, resilient and adaptable

identify situations that feel safe or unsafe, approaching new situations with confidence

Appreciate diverse perspective

acknowledge that people hold many points of view

Contribute to civil society

describe ways they can help at home and school

Work collaboratively

share experiences of cooperation in play and group activities

Make decisions

identify options when making decisions to meet their needs and the needs of others

Develop leadership skills

identify ways to take responsibility for familiar tasks at home and school