In an increasingly complex, globalised and rapidly changing world it is critical for every young Australian to not only be able to cope with life’s challenges but also to flourish as financially literate and enterprising citizens in the 21st century. All young people need opportunities to develop financial and enterprising capabilities that enable them to successfully and confidently operate in a complex, information-rich financial world. Developing consumer and financial capability in young people is a strong investment in Australia’s social and economic prosperity.
The figure below shows the application of consumer and financial capability in a range of contexts for a range of purposes.
The role of the Australian Curriculum in consumer and financial literacy education
The Australian Curriculum has an important role in supporting young people to develop consumer and financial literacy. Its three dimensions of learning areas, general capabilities and cross-curriculum priorities are designed to develop successful learners, confident and creative individuals, and active and informed citizens. Preparing financially capable school leavers involves all three dimensions. Through the learning areas and general capabilities, students develop the awareness, knowledge, skills, behaviours and dispositions that are necessary to make sound consumer and financial decisions and ultimately achieve individual financial wellbeing. The cross-curriculum priorities provide a rich context for learning about and applying consumer and financial literacy.
The Australian Curriculum supports students to develop the three dimensions of learning that underpin consumer and financial education in the Australian context:
- Knowledge and understanding
- Competencies and skills
- Responsibility and enterprise.
These dimensions are interrelated and enable students to be informed in consumer and financial matters; to have the skills to apply to real-world consumer and financial situations; to be able to make informed and effective decisions that have a positive impact on themselves, their families, the broader community and the environment; and to develop enterprising behaviours.
Through the inclusion of consumer and financial education in teaching and learning programs from an early age, students can maximise their development of the behaviours, values and dispositions required to successfully apply their knowledge and skills in a range of contexts and for a range of purposes. Students develop capability when they apply knowledge and skills confidently, effectively and appropriately in complex and changing circumstances, in their learning at school and in their lives outside school. Through learning experiences based on the Australian Curriculum, young people will be equipped to apply these capabilities in ever-widening contexts – personal, local and global, lifelike and real-world, individual and collective, now and in the future. They will also be equipped to think about short-, medium- and long-term needs and solutions, and consider possible, probable and preferred futures, collective and personal.