The diverse circumstances in which children grow up influence their needs, wants, perceptions and behaviours related to financial and consumer matters. Typically, at age seven to eight, within their family’s unique circumstances, children explore their sense of belonging, being and becoming through active engagement with people, objects, technologies and representations. Children are curious about texts and symbols in their environment and are tempted by messages of advertising on television and digital devices. They interact verbally and non-verbally to express needs, wants, preferences and reasons, which are usually mediated by adults. Children may have a simple savings system, negotiate chores or trade-offs for money, and be taken to the point of purchase. They may create short-term enterprises to generate immediate money and, often, they are encouraged to save for small items. Children’s increasing social and digital worlds create risks, and typically, adults guide children on what to consider when making financial decisions.
The Australian Curriculum in this year level supports the development of all dimensions of consumer and financial literacy as shown in the diagram below.
Approximate proportion of dimensions addressed in Year 2
Typically, at this level, students have developed concepts and understandings that form the foundations of consumer and financial literacy. Students learn to count and order collections of money according to their value. They recognise that money is limited, comes from different sources and can be saved to meet needs and wants. They explore their rights and responsibilities at home and at school and explain how family and community influence their behaviour.
Students have developed and are able to apply knowledge, understandings and skills to personal consumer and financial contexts. They explore reasons for their spending choices, including the influence of advertising and peer pressure. They interpret more complex texts for purpose and message, discuss a range of experiences and share and acknowledge different points of view. Students compare the value of different goods and identify and use combinations of coins and notes to buy basic goods and services in real-life contexts. They collect, sort and present data and information in a range of different ways. They apply enterprising behaviours and consumer and financial knowledge and skills in meaningful class and school activities and enterprises. Through discussion with teachers, students learn to apply safe practices to protect themselves and others as they interact online for learning and communicating. They make financial and consumer decisions based on needs and wants and identify simple ways these decisions may impact on themselves, their families, the broader community and/or the environment.
Moneysmart for teachers provides a number of interdisciplinary units and interactive activities that support the teaching and learning of consumer and financial literacy in this year. Access a list of relevant resources that link to the Australian Curriculum using the right-hand menu.