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 2, students:

Recognise emotions

compare their emotional responses with those of their peers

Recognise personal-qualities-and-achievements

identify and describe personal interests, skills and achievements and explain how these contribute to family and school life

Typically, by the end of Year 2, students:

Communicate effectively

discuss the use of verbal and nonverbal communication skills to respond appropriately to adults and peers

Negotiate and resolve conflict

practise solving simple interpersonal problems, recognising there are many ways to solve conflict

Typically, by the end of Year 2, students:

Work independently and show initiative

work independently on routine tasks and experiment with strategies to complete other tasks where appropriate

Become confident, resilient and adaptable

undertake and persist with short tasks, within the limits of personal safety

Appreciate diverse perspective

describe similarities and differences in points of view between themselves and people in their communities

Contribute to civil society

describe how they contribute to their homes, classrooms and local communities, and how others care for and assist them

Work collaboratively

identify cooperative behaviours in a range of group activities

Make decisions

practise individual and group decision making in situations such as class meetings and when working in pairs and small groups

Develop leadership skills

discuss ways in which they can take responsibility for their own actions