The diverse circumstances in which children grow up influence their needs, wants, perceptions and behaviours related to financial and consumer matters. Typically, at age eight to nine, parents regulate how children manage their needs and wants within their family’s unique circumstances. Typically, children’s social worlds are expanding, as is their exposure to texts, symbols and media. They are tempted by immediate needs and wants, including toys, play and social experiences, which are most likely to be influenced by family, television and digital devices. They 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. Often, children are encouraged to save for small items, and are guided on what to consider when making preferences. Children’s increasing social and digital worlds create risks, and typically, adults guide children to consider factors in consumer and financial matters.
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 3
Typically, at this level, students learn how money values can be represented in multiple ways. They investigate their rights and responsibilities at school and in the local community and examine how people contribute in their communities, including the role of the voluntary sector in helping those in financial need.
Students build on their knowledge, understandings and skills and are able to apply these to familiar consumer and financial contexts. They examine how peer pressure and advertising can affect what they buy. They complete simple transactions in real-life contexts and calculate change to the nearest five cents. They comprehend everyday texts related to consumer and financial matters, such as advertisements, and analyse these texts to identify audience and purpose. They collect, sort, present and interpret data and begin to develop an understanding of the characteristics of data and their representation. They apply enterprising behaviours and consumer and financial knowledge and skills in meaningful class and school activities and enterprises. They learn to apply safe and ethical practices to protect themselves and others when sharing ideas and communicating in online environments. They make financial and consumer decisions that satisfy individual needs and wants and take account of the wellbeing of others.
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 level. Access a list of relevant resources that link to the Australian Curriculum using the right-hand menu.