The diverse circumstances in which children grow up influence their needs, wants, perceptions and behaviours related to financial and consumer matters. Typically, at age 12 to 13, children are given more responsibility as their roles in family and social life widen, and they more independently plan for challenges associated with their unique circumstances. They begin to perceive sources of income more widely, exchanging things with peers and being more enterprising. Adult regulation of online activity may lessen, and children may be increasingly participating in online consumption of information, services and/or goods. As media exposure and peer pressure intensify, children’s evolving independence and identity, especially gender identity, are commonly expressed through consumer choices, in particular through popular culture. Thus, children start to plan their spending. With more choice comes risk – financial, social and emotional. As children experience consequences of their choices, they consider factors that influence their 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 7
Typically, at this level, students consolidate their understanding of the concept of ‘value’ and investigate and calculate ‘best buys’. They build their understanding of what it means to be a consumer, a worker and a producer in the market and begin to explore the relationship between these groups. They investigate the nature of work, the different ways of deriving an income, the characteristics of successful businesses, and consider how entrepreneurial behaviour contributes to business success. They learn to appreciate why personal, organisational and financial planning for the future is important and examine ways people come together to achieve civic goals.
Students build knowledge, understandings and skills and are able to apply these to a range of consumer and financial contexts. They explore factors that shape personal identity and understand that various sociocultural factors can influence consumer behaviour and financial decisions. They interpret, analyse and synthesise ideas and information in a range of persuasive and finance-specific texts and products, critiquing them for authorial intent, validity and credibility. They use efficient mental and written strategies and apply appropriate digital technologies to solve business and financial problems such as identifying best value for money decisions. They analyse, manage, manipulate and present data and information in a range of appropriate formats. When sharing ideas and communicating in online environments, students practise safe, ethical and responsible behaviour. They apply enterprising behaviours to investigations and class projects such as business ventures, including identifying opportunities and challenges, planning individual and team projects, setting goals, generating ideas and alternative solutions, applying business knowledge, and choosing strategies for action. They make informed consumer and financial decisions using a range of strategies such as simple cost-benefit analysis. When making their decisions, students consider a range of factors such as beliefs and values, ethical perspectives, safety, sustainability and personal goals.
Moneysmart for teachers provides a number of interdisciplinary units and interactive activities that support the teaching and learning of consumer and financial literacy at this level. Access a list of relevant resources that link to the Australian Curriculum using the right-hand menu.
The ATO’s Tax, Super and You resource also offers a number of digital interactives and modules. This resource has been designed flexibly so that teachers and/or students can choose to focus on one or more, or all, of the digital interactives and activities within each module. Access a list of relevant resources that link to the Australian Curriculum using the right-hand menu. See how each digital interactive and activity aligns with the Australian Curriculum in this year level.