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 Year 10, students:

Recognise emotions

reflect critically on their emotional responses to challenging situations in a wide range of learning, social and work-related contexts

Recognise personal-qualities-and-achievements

assess their strengths and challenges and devise personally appropriate strategies to achieve future success

Typically, by the end of Year 10, students:

Develop self-discipline and set goals

critically analyse self- discipline strategies and personal goals and consider their application in social and work-related contexts

Communicate effectively

formulate plans for effective communication (verbal, nonverbal, digital) to complete complex tasks

Negotiate and resolve conflict

generate, apply and evaluate strategies such as active listening, mediation and negotiation to prevent and resolve interpersonal problems and conflicts

Typically, by the end of Year 10, students:

Work independently and show initiative

establish personal priorities, manage resources effectively and demonstrate initiative to achieve personal goals and learning outcomes

Become confident, resilient and adaptable

evaluate, rethink and refine approaches to tasks to take account of unexpected or difficult situations and safety considerations

Appreciate diverse perspective

articulate their personal value system and analyse the effects of actions that repress social power and limit the expression of diverse views

Contribute to civil society

plan, implement and evaluate ways of contributing to civil society at local, national regional and global levels

Work collaboratively

critique their ability to devise and enact strategies for working in diverse teams, drawing on the skills and contributions of team members to complete complex tasks

Make decisions

develop and apply criteria to evaluate the outcomes of individual and group decisions and analyse the consequences of their decision making

Develop leadership skills

propose, implement and monitor strategies to address needs prioritised at local, national, regional and global levels, and communicate these widely