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Understand this Curriculum connection

Consumer and financial literacy

Introduction

By developing specific concepts through the Australian Curriculum F–10, the Curriculum connection: Consumer and financial literacy explores:  

  • what consumer and financial literacy is 
  • the values, dispositions and behaviours that support consumer and financial literacy. 

There are strong connections between consumer and financial literacy and the dimensions of the Australian Curriculum. Consumer and financial literacy provides a number of engaging and authentic contexts from which to deliver the Australian Curriculum. The Australian Curriculum offers rich opportunities for interdisciplinary approaches that support the development of consumer and financial literacy in young Australians. Consumer and financial literacy features explicitly in Mathematics, Humanities and Social Sciences, and Technologies. 

 

Within Mathematics, the Number, Algebra and Measurement content strands include explicit content to help students develop an understanding of money and apply mathematics to investigate and solve problems involving financial contexts. Students construct and use financial models to help make financial decisions. In other areas of the Mathematics curriculum, students learn to accurately make computations and check the reasonableness of results, and interpret numerical, graphical and other information. They learn to make informed financial decisions by applying mathematical thinking, reasoning and problem-solving skills. 

 

Within Humanities and Social Sciences, consumer and financial literacy is one of 4 key organising ideas in Economics and Business. Here, students explore how making responsible and informed decisions about consumer issues, money management and assets can affect the individual’s and the community’s quality of life, sense of security and awareness of future options. 

 

Within Technologies, privacy and security is a core concept and a content sub-strand of Digital Technologies. Content is focused on data protection and mitigating risk in digital environments where data can be shared or exchanged. Students learn about cyber security, cyber threats, and managing access to data via passwords and authentication protocols.  

 

There are also opportunities to connect learning to consumer and financial literacy contexts in other learning areas and the other dimensions of the Australian Curriculum – the general capabilities and cross-curriculum priorities. 

Purpose

The purpose of this Curriculum connection is to: 

  • develop student understanding of concepts associated with consumer and financial literacy 
  • guide educators to identify content in the Australian Curriculum that contributes to students developing their consumer and financial literacy skills 
  • connect educators to a range of interdisciplinary resources that have been developed by various government and other institutions to support the teaching and learning of consumer and financial literacy 
  • provide links to resources that support consumer and financial literacy.

Curriculum connection: Consumer and financial literacy

The Curriculum connection: Consumer and financial literacy shows educators where Consumer and financial literacy is addressed across the curriculum. Teachers may make additional connections that best suit their school context.

 

The Australian Curriculum addresses learning about Consumer and financial literacy through explicit content in the Mathematics, Humanities and Social Sciences, and Technologies learning areas in Foundation to Year 10, and connects to key elements and organising ideas of the general capabilities and cross-curriculum priorities.

Structure

Australian Curriculum content can be viewed using multiple pathways:  

  •  year level  
  •  learning area  
  •  general capabilities  
  •  cross-curriculum priorities.  

This Curriculum connection identifies 4 key aspects for learning. These key aspects are used to prioritise the key content about consumer and financial literacy across the curriculum.  

 

The 4 key aspects of learning about Consumer and financial literacy are:  

  • personal finance 
  • roles, rights and responsibilities 
  • economic environment  
  • enterprise. 

The year level, learning area and general capability views of this resource are each organised by the 4 key aspects of consumer and financial literacy: personal finance, roles, rights and responsibilities, economic environment and enterprise. Together, these key aspects of learning equip young people with the knowledge, understanding, skills, dispositions and values to make informed, effective and responsible consumer and financial decisions now and in the future. These key aspects also prepare young people for the economy of the future by teaching them to be enterprising in the face of challenges and opportunities. 

 

While this resource provides a consumer and financial literacy lens through which to view the Australian Curriculum, it is teachers who will bring consumer and financial education to life in their classrooms. Schools and teachers can draw on the curriculum to create teaching programs and learning experiences that weave together the different dimensions of the Australian Curriculum in innovative, engaging and meaningful ways. 

 

This Curriculum connection supports teachers in delivering integrated learning experiences by linking to relevant resources. Links to relevant resources are provided for each year level, learning area, general capability and cross-curriculum priority. In this respect, this Curriculum connection provides teachers with both the content and resources that support the teaching and learning of consumer and financial literacy.

Key aspects

These key aspects of learning have been developed in consultation with a group of advisors and academics with expertise in education and consumer and financial literacy. The key aspects are specific to the Curriculum connection. 

 

The 4 key aspects of learning about Consumer and financial literacy are:

Understanding and being able to effectively manage your personal finance in a modern world requires a combination of knowledge, skills and dispositions to make informed, responsible financial decisions. Having financial confidence and being adaptable to change, as the digital revolution influences the way we manage our money day-to-day, enables us to make sound financial choices and set solid financial goals for the future. 

 

In this key aspect, students explore the knowledge and skills required to make personal financial decisions. Students learn about the difference between wants and needs, and understand spending, saving, investing and borrowing money. They have opportunities to engage with money and other financial transactions such as those conducted online and with digital systems. They understand varied payment methods such as cash, debit cards, credit cards, gift cards, buy now and pay later schemes, in-app and online payments.  

 

Students understand a range of concepts related to finance such as earning money (including payslips, tax and superannuation), budgeting, spending and saving priorities (including loans, subscriptions and payment plans), operating securely and safely with their money online, and the importance of long-term planning.

Awareness of the roles, rights and responsibilities that relate to consumer and financial literacy fosters students’ understanding of their rights and responsibilities as consumers. This can help students make fair and informed decisions about their future finances. As consumers, they also have a right to privacy. They need to adopt protective strategies and mitigate risk when sharing or exchanging personal information and financial data. 

 

In this key aspect, students explore how governments, financial institutions, employers, consumer and financial literacy service providers and other key stakeholders have a responsibility to consumers. Through understanding the different roles, rights and responsibilities of each party, students are empowered to make informed, responsible financial decisions, recognise scams and plan their future finances.

Developing consumer and financial capability in young people is a strong investment in Australia’s social and economic prosperity. Economic awareness includes knowledge of basic economic principles and how factors such as inflation, the cost of living and interest rates impact personal finances.  

 

In this key aspect, students explore the complexity of the economic environment and how it is globally connected. They learn how it can be affected by geopolitical shifts, technological change and global events.  

 

Students identify economic indicators such as economic growth rates, interest rates, unemployment trends, inflation rates and sustainability indexes. They understand how these influence government economic decision-making. They understand how the Australian government may intervene in response to economic environment changes, such as responding to a decline in Gross Domestic Product (GDP).

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 a financially literate and enterprising citizen in the 21st century. All young people need opportunities to develop financial and enterprising capabilities that enable them to confidently operate in a complex, information-rich financial world.

 

In this key aspect, students explore enterprise skills and how these can be used to create innovative approaches to processes and solutions. They also explore how these skills can contribute to success in their future careers. They have opportunities to develop these skills including problem-solving, decision-making, communication, initiative, resilience, adaptability and commercial awareness through rich connections between learning area content, the general capabilities and authentic financial contexts.

 

Students explore different types of enterprise including business enterprise and social enterprise. They identify processes that businesses use to create competitive advantage, including using digital tools and digital systems, optimising costs and managing the workforce to improve productivity.

Teacher resources

Several organisations provide a range of evidence-based programs and tools to support the delivery of the Australian Curriculum and develop a comprehensive whole-school approach to consumer and financial literacy.

 

These resources are categorised below.

The Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC) and the reserve Bank of Australia (RBA) provide a range of interdisciplinary Australian Curriculum–aligned resources. These have been developed to support the teaching and learning of consumer and financial literacy in Australian classrooms.

Tax, Super + You  
https://www.ato.gov.au/General/Education-zone/Tax,-Super---You/  
 

Paying It Forward 

https://www.ato.gov.au/General/Education-zone/Paying-It-Forward/ 
 

Money smart

https://moneysmart.gov.au/#find-teaching-resources  
 

Reserve Bank of Australia (RBA)

https://www.rba.gov.au/education/

 

ABC Education – Money and Finance topic resources 
https://www.abc.net.au/education/topic-money-and-finance/102208978  
 

ABC Discover – money 
http://tinyurl.com/DiscoverABCmoney 
 

Mathematics Hub – financial literacy resources 
https://www.mathematicshub.edu.au/search/?keyword=money  
 

Careers with STEM resources

Finance – https://careerswithstem.com.au/category/finance/

Economics – https://careerswithstem.com.au/category/economics/

Business – https://careerswithstem.com.au/category/business/

 

Financial basics foundation – parent and carer hub 

https://financialbasics.org.au/parent-hub/

 

The Smith family

https://www.thesmithfamily.com.au/programs/financial

 

Australian Government Department of Social Services - Financial Wellbeing and Capability Activity

https://www.dss.gov.au/communities-and-vulnerable-people/programs-services/financial-wellbeing-and-capability

 

Ecstra  

https://www.ecstra.org.au/

New South Wales

Financial Literacy

NSW Government Financial Literacy Challenge

https://education.nsw.gov.au/teaching-and-learning/curriculum/financial-literacy-challenge 

 

Privacy and security

NSW Department of Education Cyber security courses for teachers available on MyPL. (NSW Department of Education login required):

Cyber NSW Essentials 

https://myplsso.education.nsw.gov.au/q/NR31133

Phishing

https://myplsso.education.nsw.gov.au/q/NR31133

Smishing

https://myplsso.education.nsw.gov.au/q/NR31631 

Vishing

https://myplsso.education.nsw.gov.au/q/NR31634

 

Queensland

Consumer and financial literacy (education.qld.gov.au) 

 

Victoria

Financial Literacy: Guidance | education.vic.gov.au

https://www2.education.vic.gov.au/pal/financial-literacy/guidance 

 

South Australia

https://www.education.sa.gov.au/parents-and-families/curriculum-and-learning/financial-literacy/financial-literacy-in-schools-and-preschools

Financial literacy in schools and preschools

https://www.education.sa.gov.au/parents-and-families/curriculum-and-learning/financial-literacy/financial-literacy-in-schools-and-preschools

Young people and financial literacy

https://www.education.sa.gov.au/parents-and-families/curriculum-and-learning/financial-literacy/young-people-and-financial-literacy 

Financial literacy in the home

https://www.education.sa.gov.au/parents-and-families/curriculum-and-learning/financial-literacy/financial-literacy-at-home

 

Tasmania

Tasmanian Assessment, Standards and Certification (TASC): Financial Literacy 

https://www.tasc.tas.gov.au/students/courses/humanities-and-social-sciences/bst105116-3/

Consideration

Financial capability refers not only to the knowledge needed to make sound financial decisions, but to a combination of financial knowledge, skills, attitudes, and confidence that leads to positive financial behaviours and money management decisions that fit the circumstances of one’s life.

Source: The Australian Government Treasury, 2022

 

The National Consumer and Financial Capability Strategy 2022 describes the following 5 elements that constitute financial capability:

  • Financial knowledge is an individual’s awareness and understanding of money and financial concepts, products and services, and their own financial situation. Examples of financial knowledge include understanding financial concepts such as inflation, interest and risk, as well as knowing where to get advice and support. 
  • Financial skills are hard and soft skills that give an individual the ability to use relevant knowledge to manage financial risks and opportunities. Financial skills are supported by general skills such as literacy, numeracy, problem-solving, communication and critical thinking. Relevant skills include an individual’s ability to compare financial products and avoid financial pitfalls such as scams. 
  • Financial attitudes refer to an individual’s mindset and opinions about finances. Examples include an individual’s motivation to engage with their finances, financial impulsivity and their levels of stress associated with making financial decisions. 
  • Financial confidence is the belief an individual has in their own abilities to access and use financial products and services, make financial decisions and accomplish financial goals. For example, being comfortable talking about money and being comfortable managing their own finances. 
  • Positive financial behaviours refers to actions that an individual takes to improve their financial outcomes, and can be broadly divided into those involving managing money day-to-day and those related to planning for the future. Some positive financial behaviours include managing debt and credit use, making savings goals and tracking spending.

Curriculum links

The Australian Curriculum has an important role in supporting young people to develop consumer and financial literacy. Preparing financially capable school leavers involves all 3 dimensions of the Australian Curriculum (learning areas, general capabilities and cross-curriculum priorities). 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.

 

An overview of Consumer and financial literacy in the Australian Curriculum learning areas

 

Opportunities to teach through contexts related to Consumer and financial literacy can be explicitly explored in Mathematics, Humanities and Social Science, and Digital Technologies. For other learning areas, the skills, behaviours and contexts associated with Consumer and financial literacy can be addressed more holistically through integrated planning and programming that considers everyday situations involving consumer and financial literacy, related content and connections to the general capabilities. 

The Australian Curriculum: Mathematics provides the necessary mathematical knowledge, skills, and ways of thinking, reasoning and problem-solving to develop the numeracy capabilities  essential for consumer and financial literacy. Mathematics, economic, consumer and financial literacies are interrelated in many aspects. Being able to make sound financial decisions requires a level of proficiency in mathematics to think and reason quantitatively, computationally and proportionally. Examples include   comparing consumer costs, understanding and measuring financial risk, making financial predictions and estimations, and planning for your financial future. 

 

Skills in arithmetic, numerical and proportional thinking and reasoning are needed to carry out consumer and financial transactions accurately, effectively and efficiently, especially transactions involving percentages, rates and ratios. Even when using digital tools, it is necessary to have the critical orientation to know when a transaction may be incorrect due to, for example, an input error.

 

In Mathematics, students learn to apply their mathematical skills, knowledge and understanding to financial contexts when modelling with mathematics from Foundation through to Year 10. These contexts can include purchases, savings, investments, profit, loss, interest rates, loans, paying tax and earning money. 

 

As students develop their algebraic thinking and reasoning skills, they can apply their understanding of functions and relations to financial contexts relating to linear and non-linear economic growth. When conducting statistical investigations and developing their understanding of probability, chance and data, students can also draw on financial contexts associated with budgets, inflation, and economic and financial risk management.

 

In the early primary years, students learn to count and order small collections of Australian coins and notes according to their value. They solve problems involving simple money transactions in whole dollar amounts. In Year 3, they are introduced formally to the unit of $1 and its relationship to cents. Beyond Year 3, the mathematics content they are learning in Number, Algebra, Measurement, Space, Statistics and Probability   can be applied to real-world financial contexts where relevant. Examples include budgeting for an upcoming event, developing a savings plan, applying for a loan, choosing the best payment plan, purchasing items on sale and investigating different payment methods by applying their mathematical thinking, reasoning and problem-solving skills.

The Australian Curriculum: Humanities and Social Sciences has a significant role in developing consumer and financial literacy in young people. Explicit links to Consumer and financial literacy exist in the Economics and Business sub-strand of HASS F–6 and in Economics and Business 7–10. There are also links in Civics and Citizenship and Geography to further develop consumer and financial literacy. This curriculum connection examines cotemporary contexts, and teachers may choose to explore connections in Years 9 and 10 History where appropriate for their situation. Students explore how to make informed consumer and financial decisions, and consider how these decisions can affect individuals, the broader community and the environment.

 

The other key organising ideas of economics and business support the development of consumer and financial literacy as students are introduced to basic economic concepts such as scarcity, the need to make choices, the business environment and the world of work.

 

Knowledge and understanding of the importance of rules, regulations and laws, which are developed in HASS, can be applied to financial contexts. Students appreciate the role of governments in developing laws and providing services for the community’s benefit. They learn how governments gain revenue, and the responsibilities of citizens, including paying taxes.

 

Students begin to understand the importance of preserving places. They consider how the demand for overseas goods and services can impact on people and environments. They also develop an awareness of the impact of technologies over time on the way people live and work.

 

Through the inquiry and skills strand of the HASS curriculum, students develop a range of competencies and skills that can be applied in consumer and financial contexts. For example, students learn to discriminate between fact and opinion when evaluating claims made in advertising. They develop the skills to process data and analyse patterns and trends, which enables them to make reasoned financial decisions such as those required when selecting investments.

 

By studying HASS, students develop the skills of responsible decision-making and enterprise. Students learn to apply informed decision-making in a range of real-world contexts by using criteria to evaluate the advantages and disadvantages of alternative choices, leading to actions proposed in response to an issue or challenge.

 

Students appreciate the role of values in the decisions that people and groups make. They understand the importance of values to identities. The knowledge, understanding and skills that students acquire in HASS contribute to sound and informed financial decision-making throughout their lives.

The Australian Curriculum: Digital Technologies provides knowledge and skills that underpin holistic consumer and financial literacy. Digital forms of currency such as bitcoin and cryptocurrency and blockchain technology continue to evolve over time, and robo-advice and systems can influence consumer choices.

 

The Digital Technologies core concept of privacy and security allows students to learn about how and why data is protected and shared in digital systems, including financial systems. Understanding the need for passwords, secure transactional processes and authentication protocols is strongly connected to contemporary consumer and financial efficacy.

 

Content in Digital Technologies enables students to explore the context and diversity of digital financial services, which might include buy now pay later (BNPL) schemes, digital cash, personal banking and investments. Students learn how these are used in society for a purpose, from the perspective of both consumers who use digital tools and designers of related digital solutions.

 

In Digital Technologies, students benefit from the interconnectedness of shared content with Mathematics, particularly content related to data acquisition, mathematical processes and algorithms, which extend to making informed consumer behaviours and financial choices.

 

Consumer and financial literacy as a context gives students real-world opportunities to apply the aims of the Digital Technologies curriculum, which include requiring students to:

  • use design thinking to design, create, manage and evaluate sustainable and innovative digital solutions to meet and redefine current and future needs 
  • use computational thinking (abstraction; data collection, representation and interpretation; specification; algorithms; and implementation) to create digital solutions 
  • confidently use digital systems to efficiently and effectively automate the transformation of data
  • use critical thinking to mitigate risk when operating digital tools and making decisions about online interactions
  • apply cyber security protocols and online safety practices that support appropriate behaviours involving data transactions, particularly through automated processes 
  • apply systems thinking to monitor, analyse, predict and shape the interactions within and between information systems and the impact of these systems on individuals, societies, economies and environments.
An overview of Consumer and financial literacy and the general capabilities
 

The teaching of learning area content will be strengthened by the application of relevant general capabilities. The context of consumer and financial literacy enables the development of all the general capabilities with explicit opportunities for Numeracy, Critical and Creative Thinking, Personal and Social capability, and Ethical Understanding.

The Numeracy capability strongly supports the development of consumer and financial literacy by equipping students to use mathematics in their everyday lives. The key aspects of personal finance, economic environment and enterprise strongly support the development of this general capability.

 

The most significant contribution numeracy makes to consumer and financial literacy is developing the knowledge, skills and dispositions to recognise and use mathematics confidently in authentic consumer and financial contexts. Financial decisions require the capacity to carry out calculations with money. These calculations draw on the numerical skills captured in the element of Number sense and algebra, and the measurement knowledge and skills necessary to understand how dollars and cents relate as units of currency.

 

The sub-element Understanding money addresses the numeracy skills that relate to consumer and financial literacy, necessary to become a financially literate member of society. In this sub-element, students appreciate the use and value of money. They learn to apply this knowledge to purchasing, making payments, investing, earning money, budgeting and creating financial plans. This learning can be transferred to a range of real-world financial situations; for example, students can calculate the change from simple purchases, work out how to share equitably the payment for a meal or develop and evaluate more complex financial plans to support specific financial goals.

 

Drawing on key aspects of other elements and sub-elements of Numeracy, students gain knowledge and skills that enable them to mathematically model and solve real-world consumer and financial problems. These problems might include determining how much tax to pay when earning income, deciding how far is reasonable to travel to purchase discounted fuel, determining the value of percentage discounts or purchasing in bulk, and choosing the best payment plans for future purchases such as a mobile phone. 

 

Students also learn to solve problems in authentic contexts that involve interpreting and evaluating statistical information and identifying patterns and trends. This learning helps students make informed decisions in real-world contexts with confidence and assess risk based on sound mathematical reasoning. 

 

Opportunities exist across the curriculum that draw on students' numeracy capability and support the development of consumer and financial literacy. For example, in Design and Technologies, students might cost materials based on measurements and compare the mass or capacity of different products to determine the “best buy” when planning and managing projects. In HASS and Economics and Business, students use numeracy to understand the principles of financial management and to make informed consumer, financial and business decisions.

The Critical and Creative Thinking capability is key to the development of consumer and financial literacy. Responding to the ever-changing consumer and financial landscape requires young people to be creative, innovative, enterprising and adaptable. They need the motivation, confidence and skills to use critical and creative thinking purposefully.

 

Through this capability, students develop the critical thinking skills of analysing and evaluating information. They learn to discriminate between fact and opinion, question the reliability of evidence and draw reasoned conclusions. These are important skills for students when making sound consumer and financial decisions.

 

Critical and Creative Thinking also equips young people to be innovative and manage opportunities at work, in the community and in their personal lives. Dispositions that enable students to effectively participate in the complex consumer and financial landscape, such as inquisitiveness, reasonableness, intellectual flexibility, open- and fair-mindedness, a readiness to try new ways of doing things and consider alternatives, and persistence are also enhanced by Critical and Creative Thinking.

 

In contemporary society, avoiding scams and detecting fraudulent behaviours requires critical and creative thinking about how problems with online transactions might occur and might be avoided.

Crucial knowledge and skills are developed through the Digital Literacy capability when students use digital tools to explore online transactions and share content. They use digital tools to plan, budget and conduct other tasks related to the financial aspects of managing a project, when creating a designed or digital solution. Digital Literacy includes the knowledge and skills students need to create, manage, communicate and investigate data, information and ideas, and solve problems. Digital Literacy involves students critically identifying and appropriately selecting and using digital devices or systems. They adapt to new ways of doing things as technologies evolve and protect the safety of themselves and others in digital environments.

 

Through the Australian Curriculum learning areas, students learn about the context and purposes of using digital systems and applications. They consider the use of context-specific digital tools. They explore how people acquire data and interpret it for a purpose. Students learn how data is shared and stored securely in digital systems, including personal data and the data of others.

 

Key connections with the Digital Literacy general capability strengthen choices students might make in acquiring, selecting, managing and protecting data owned by people, and in relation to their intellectual property and data privacy.

 

The collection, sharing and use of user data, such as identifying information or financial data, also provides an important contemporary context in which students can learn about digital wellbeing and online safety. Understanding how passwords and authentication processes protect consumers online is crucial in avoiding financial scams and loss of money through digital means. Identity theft, managing a digital footprint and related fraud may be explored through the Practising digital safety and wellbeing element of the Digital Literacy general capability.

The Ethical Understanding capability has a role in developing consumer and financial literacy in young people. This capability equips students to take account of ethical considerations in consumer and financial contexts. For example, students may explore human rights and environmental issues related to the production and consumption of goods and services.

 

Ethical Understanding helps students to navigate the consumer and financial world of competing values, rights, interests and norms. Students build a strong personal and socially oriented ethical outlook that helps them to manage consumer and financial contexts. They develop awareness of the influence that their values and behaviours have on others, including the impact of their consumer and financial choices.

 

The Ethical Understanding capability does this through fostering the development of personal values and attributes such as honesty, resilience, empathy and respect for others, and the capacity to act with ethical integrity.

 

Students learn to recognise ethical concepts and explore ethical issues in consumer and financial contexts such as sustainable living and socio-economic disparity. They also learn to consider the outcomes of and reflect on ethical action. This capability involves students identifying and examining values and exploring rights and responsibilities of individuals and groups in consumer and financial contexts and practices.

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. 

 

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.

Consumer and financial literacy supports the development of literacy by providing opportunities to understand, analyse and evaluate information, make meaning, express thoughts and emotions, present ideas and opinions, and interact with others. In consumer and financial contexts, students learn to navigate, read and view a range of consumer and financial texts. They interact effectively in a range of consumer and financial contexts and create texts that are designed to inform or persuade. Students develop skills in identifying and analysing how they are influenced by the choices authors make in relation to text structures, language features and images.

The Intercultural Understanding capability has a role in developing consumer and financial literacy in young people. Intercultural understanding is an essential part of living and interacting with others in the diverse world of the 21st century. It assists young people to become responsible local and global citizens, equipped for living and working together in an interconnected world.

 

Through this capability, students learn about the variable and changing nature of culture and appreciate how personal, group and national identities are shaped. Students develop a deep understanding of the actions of individuals and groups in specific situations, such as the influence of identities and culture on consumer and financial choices. They learn to value their own cultural perspectives and practices and those of others while taking responsibility for their own behaviours and their interactions within and across cultures. The Intercultural Understanding capability cultivates values and dispositions that support responsible consumer and financial decision-making such as care, empathy, respect and responsibility.

An overview of Consumer and financial literacy, and the cross-curriculum priorities

Aboriginal and Torres Strait Islander children and young people grow up in diverse socio-economic, sociocultural and geographic contexts. Ways of knowing, being, thinking and doing create challenges and opportunities for many Aboriginal and Torres Strait Islander students as they engage in consumer and financial matters. Aboriginal and Torres Strait Islander Peoples conceptualise, value and manage money and resources in culturally specific ways. Informed learning programs can more effectively respond to students’ learning needs and life contexts, preparing them for financial capability and wellbeing in multiple cultural contexts.

 

It is also important that other students understand Aboriginal and Torres Strait Islander Histories and Cultures so that they appreciate the context young Aboriginal and Torres Strait Islander People experience, to understand and support financial wellbeing for all Australians.

 

This priority is organised around the Aboriginal and Torres Strait Islander Histories and Cultures cross-curriculum priority organising ideas of: Country/Place, Culture and People. They provide an authentic context for teaching and learning about consumer and financial literacy. The priority supports the development of knowledge, understanding and competencies in relation to:

  • Aboriginal and Torres Strait Islander Peoples’ law, languages, dialects, literacies and numeracies
  • the significant contributions in the present and past by Aboriginal and Torres Strait Islander Peoples and their knowledge
  • the relationship between culture and identity, and consumer and financial behaviours and values, and how this knowledge can influence programming for financial wellbeing
  • the strengths and resilience of contemporary Aboriginal and Torres Strait Islander communities against the historic and present-day impacts of colonisation, and how these have affected approaches to consumer and financial matters
  • the enterprising ways in which diverse Aboriginal and Torres Strait Islander Peoples approach challenges and opportunities associated with resources, access to services and goods, navigating multiple worlds, and ways of thinking and ways of doing
  • how governments support Aboriginal and Torres Strait Islander programs for wellbeing
  • behaviours and dispositions that enable responsible action founded on valuing reconciliation, respect and recognition.

Learning experiences that focus on deep understanding of Aboriginal and Torres Strait Islander Peoples’ histories and cultures provide a relevant and meaningful context for consumer and financial education and can support the development of financial capability.

Asia and Australia’s Engagement with Asia recognises that the Asia region exerts significant influence globally and in Australia. Countries of the Asia region are significant producers and consumers of goods and services, and collectively represent one of Australia’s top export markets. Australia’s strategic, political, and diplomatic engagement with Asia also continues to grow.

 

This priority provides a regional context for learning in all areas of the curriculum and is intertwined with the knowledge and competencies of consumer and financial literacy. To know Asia and its diversity, students need an insight into the societies, beliefs, histories, cultures, languages and environments, and a knowledge of economic and financial interconnections between Asia, Australia and the world. They need to develop understanding of the region’s contemporary challenges and opportunities. Knowledge, understanding and active engagement between Australia and Asia counteract unintended assumptions and stereotypes, and build positive relationships when guided by critical thinking, respect and reflection.

 

Studying Consumer and financial literacy through this priority helps to build Australia’s social, intellectual, and creative capital, which is vital to the prosperity of individuals and Australia.

 

This priority is organised around the 3 ideas of: Knowing Asia and its diversity, Understanding Asia’s global significance and Growing Asia–Australia engagement, which can provide an authentic context for teaching and learning about consumer and financial literacy. The priority supports the development of knowledge, understanding and competencies in relation to:

  • diversity of peoples and countries of Asia and the diversity of people of Asian heritage in Australia and their contributions
  • interconnections between Australia and the Asia region, past and present
  • interrelationships between humans and the diverse environments and economies in Asia, which shape the region and have global implications
  • Australia’s significant role in social, cultural, political and economic developments in the Asia region
  • how Australia’s national revenue and Asian development are interdependent
  • how consumer and financial services and products are interrelated and consequences when aspects within these interrelationships change
  • the arts and literature of Asia that influence aesthetic, creative and economic pursuits and activity within Australia, the region and globally
  • collaboration and engagement with the peoples of Asia, thereby supporting effective regional and global citizenship
  • communication skills and engagement with the peoples of Asia so they can effectively live, work and learn in the region.

Learning experiences that focus on deep understanding about Asia and Australia’s Engagement with Asia provide relevant and meaningful contexts for consumer and financial education and can support the development of financial capability.

The cross-curriculum priority of Sustainability recognises that sustainable patterns of living rely on the healthy interdependence of social, economic and political systems and, in so doing, contribute to the development of consumer and financial literacy in young people.

 

Education for sustainability explores the knowledge, skills, values and world views necessary for people to act in ways that contribute to a sustainable future. Designing solutions and actions for a sustainable future requires an understanding of the ways environmental, social and economic systems interact, and an ability to make balanced judgements based on present and future impacts. The Sustainability cross-curriculum priority is futures-oriented and encourages students to reflect on how they interpret and engage with the world. It is designed to raise student awareness about informed action to create a more environmentally and socially just world.

 

This priority is based on 4 sets of organising ideas: systems, world views, design and futures, which can provide an authentic context for teaching and learning about Consumer and financial literacy. The priority supports the development of knowledge, understanding and competencies in relation to:

  • the ways social, economic and Earth's systems (geosphere, biosphere, hydrosphere and atmosphere) interact to support and maintain human life and wellbeing
  • sustainable patterns of living, and ways that individuals, groups and governments plan and resource sustainable ways of living
  • resource use and management, including through financial products and services, and how they benefit individuals, societies, economics and politics
  • appreciation of and respect for the diversity of views and values people and groups have about financial and consumer matters that influence sustainable outcomes
  • world views formed by experiences at personal, local, national and global levels, and linked to individual and community actions for sustainability
  • informed individual and community decisions and actions that value local and global equity and fairness across generations into the future
  • the role of innovation and creativity in sustainably designed solutions, including products, environments and services, that aim to reduce present and future impacts or to restore the health or diversity of environmental, social and economic systems
  • participating critically, imagining and acting creatively in determining more sustainable ways of living
  • designing action for sustainability that involves ways of thinking and acting that seek to empower young people to design action that will lead to an equitable, sustainable and inclusive future.

Learning experiences that focus on deep understanding about sustainability provide a relevant and meaningful context for consumer and financial education and can support the development of financial capability.

 
Consumer and financial literacy for students at different band levels
 

Students begin to develop an understanding that form the foundations of consumer and financial literacy. They learn the language and the concept of numbers representing quantities and recognise situations that involve the use of money. They identify personal needs and wants. They share examples of their rights and responsibilities in given situations. They explore personal and family factors that influence their behaviour.

 

Students begin to develop and can apply consumer and financial knowledge, understanding and skills in everyday situations. They identify personal preferences and explore how emotions influence what they consume. They discuss experiences, share points of view and begin to interpret texts for

purpose and message. They learn about what simple personal data is. They learn to collect, sort and represent data and information in simple formats.

 

Students identify situations that involve the use of money. They begin to apply enterprising behaviours and consumer and financial knowledge and skills in meaningful class activities such as investigations or special events. Students make simple financial and consumer decisions based on needs and wants. 

 

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In Year 1, students continue to develop concepts and understanding that form the foundations of consumer and financial literacy. They understand that money is exchanged in return for goods and services through engaging in simple financial transactions. Students explore their rights and responsibilities in familiar settings. They identify the influence of family and community on their consumer and financial behaviour.

 

Students continue to develop and can apply consumer and financial knowledge, understanding and skills in everyday contexts through mathematically modelling problems involving financial contexts. They identify reasons for personal preferences, and explore how peer pressure and emotions can affect what they consume. They interpret texts for purpose and message, discuss experiences and share points of view. They collect, sort and represent objects, data and information in different ways. Students compare the monetary value of simple items. They apply enterprising behaviours and consumer and financial knowledge and skills in meaningful activities such as investigations, charity fundraising or business ventures. They make consumer decisions based on needs and wants, and identify simple ways these decisions may impact on themselves and others.

 

In Year 2, 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. They explain how family and community influence their behaviour.

 

By the end of Year 2, students have developed and are able to apply knowledge, understanding 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. They identify and use combinations of one- and 2-dollar 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.

 

By the end of Year 2, students discuss and observe how the needs of different people are met through using digital systems. They protect the security of their own data on their school account by using their own username and password. Through discussion, they develop an awareness that some websites and apps store their personal data online.

 

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In Year 3, students learn about the relationship between dollars and cents, and how money values can be represented in multiple ways. They investigate their rights and responsibilities at school and in the local community. They examine how people contribute to their communities, including the role of the voluntary sector in helping those in financial need.

 

Students continue to develop and can apply consumer and financial knowledge, understanding and skills to find solutions to real-world problems by engaging in mathematical modelling tasks involving financial contexts. They examine how peer pressure and advertising can affect what they buy. Students complete simple transactions in real-world contexts. They comprehend everyday texts related to consumer and financial matters, such as advertisements, and analyse these texts to identify audience and purpose.

 

Students collect, sort, present and interpret data. They 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.

 

In Year 4, students learn how the place value system to hundredths is the basis for decimal currency. They learn about the value of money and how resources are managed and allocated, such as through local government, laws and the application of scientific knowledge. They explore how belonging to different groups can shape personal identity and influence the consumer and financial choices people make.

 

By the end of Year 4, students have developed and are able to apply knowledge, understanding and skills to familiar consumer and financial contexts. They examine the various factors that influence the behaviour of individuals, which can be applied to consumer and financial contexts. They comprehend an increasing range of everyday texts related to consumer and financial matters. They analyse these texts to distinguish between fact and opinion and identify audience and purpose.

 

Students use money to buy goods and services in real-life contexts. They calculate change to the nearest 5 cents, with and without the use of digital technologies. They collect, sort, present, manipulate and interpret data, developing 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. When sharing ideas and communicating in online environments, they develop an understanding of why it is important to apply safe practices and social protocols. They make responsible financial and consumer decisions based on individual and collective wellbeing.

 

By the end of Year 4, students judge how well digital systems used by the public meet their needs. Students secure their personal data by creating passwords that are hard to guess and begin to understand the risks associated with storing and sharing personal data online. They learn about the importance of protecting private data and consider the positive actions and behaviours they display when engaging with others online.

 

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In Year 5, students learn about the importance of planning for future needs and wants. They develop an understanding of why decisions need to be made when allocating resources, the factors that may influence them when making decisions and the methods that can be used. Students examine how societies allocate and sustainably manage limited resources, including through government services, laws and the application of scientific knowledge.

 

Students continue to build their knowledge, understanding and skills, and can apply these to an increasing range of consumer and financial contexts. They explore the influences on their behaviour as consumers. They use a range of methods to make informed consumer and financial choices.

 

Students comprehend informative and persuasive texts relating to consumer and financial matters. They analyse these texts to identify purpose, viewpoints and reliability, including identifying the key features used to influence consumer decision-making.

 

Students use mental and written strategies, and apply appropriate digital technologies to solve problems and develop simple financial plans for immediate and future needs and wants. They analyse, manage, manipulate and present consumer and financial data in different formats. They apply enterprising behaviours to real-life contexts, building on their ability to collaborate, generate ideas, create goals and predict outcomes.

 

When sharing ideas and communicating in online environments, students apply relevant social and ethical protocols. They make responsible financial and consumer decisions that take account of a range of factors such as values, ethical perspectives, sustainability and personal goals.

 

In Year 6, students learn about the relationship between fractions, decimals and percentages and how these can be applied to purchasing decisions such as discounts. They explore the concept of opportunity cost and explain why decisions about the selection of resources involve trade-offs. Students investigate the role of government and laws for individual and national wellbeing, how citizens participate and how taxes serve the community. They investigate ways that businesses deliver goods and services, and the various payment options that exist for consumers.

 

By the end of Year 6, students have developed and are able to apply knowledge, understanding and skills to a range of consumer and financial contexts. They explore the impact that the decisions of individuals may have on themselves and their families, the broader community and the environment. They comprehend more complex informative and persuasive texts relating to consumer and financial matters. They analyse these texts to identify purpose, viewpoints and reliability, including identifying and explaining the key features used to influence consumer decision-making.

 

Students select and apply mental and written strategies and appropriate digital technologies to solve problems and create simple financial plans, budgets and cost predictions. They analyse, manage, manipulate and represent consumer and financial data and information in a range of formats. They apply enterprising behaviours to real-life contexts such as creating goals, generating ideas, negotiating and developing plans to complete tasks and working collaboratively.

 

When sharing ideas and communicating in online environments, students apply social and ethical protocols that acknowledge factors such as social differences and privacy of personal information. They use criteria and assess the advantages and disadvantages of alternative choices to make responsible financial and consumer decisions. These decisions consider values, ethical perspectives, risk, safety and wellbeing, sustainability and personal goals.

 

By the end of Year 6, students apply systems thinking when investigating the functions and purpose of each component in a digital system and their interactions with others. Students protect data stored in their personal accounts by creating separate passphrases for each account. They explain how their personal data forms their permanent digital footprint.

 

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In Year 7, students consolidate their understanding of the concept of value. They investigate and calculate “best buys”. Students build their understanding of what it means to be a consumer, a worker and a producer in the market, and begin to explore the relationships between these groups.

 

Students investigate the nature of work, the different ways of deriving an income and the characteristics of successful businesses. They consider how entrepreneurial behaviour contributes to business success. They learn to appreciate why personal, organisational and financial planning for the future is important. They examine ways people come together to achieve civic goals.

 

By the end of Year 7, students have developed knowledge, understanding and skills, and can apply these to a range of consumer and financial contexts. They explore factors that shape personal identity. They understand that various sociocultural factors can influence consumer behaviour and financial decisions. Students interpret, analyse and synthesise ideas and information in a range of persuasive and finance-specific texts and products. They critique these products for authorial intent, validity and credibility.

 

Students 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 represent data and information in a range of appropriate formats. When sharing ideas and communicating in online environments, students practise safe, ethical and responsible behaviour.

 

Students apply enterprising behaviours to investigations and class projects such as business ventures. They identify opportunities and challenges, plan individual and team projects, set goals, generate ideas and alternative solutions, apply business knowledge, and choose 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.

 

In Year 8, students learn about the concept of profit and loss, and appreciate the importance of planning for financial success. They investigate why markets are needed and the role that governments play in the economy, including in allocating resources and distributing wealth. They develop an understanding of their rights and responsibilities as consumers and workers and those of businesses. These include generating income and paying taxes, complying with legal obligations and taking steps to ensure online security.

 

By the end of Year 8, students have developed knowledge, understanding and skills and are able to apply these to a range of consumer and financial contexts. They explore factors that shape personal identity and explain the sociocultural factors that influence consumer behaviour and financial decisions. Students interpret, analyse and evaluate a range of persuasive and finance-specific texts and products. They reflect on authorial intent and the validity and credibility of information.

 

Students use efficient mental and written strategies and appropriate digital technologies to solve increasingly complex business and financial problems, including those involving profit and loss. Students learn about statistical sampling and how it can apply to advertising, marketing and other consumer contexts. They analyse, manage, manipulate and represent relevant data and information in a range of appropriate formats. Students practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts.

 

Students apply enterprising behaviours to investigations and real-life enterprises. They collaboratively identify opportunities and challenges, plan and manage individual and team projects, set goals, generate ideas and alternative solutions, apply business knowledge, and choose strategies for action. They make informed consumer and financial decisions using a range of strategies, including cost-benefit analysis. When making their decisions, students consider a range of factors such as social context, beliefs and values, ethical perspectives, safety, sustainability, risk and personal goals.

 

By the end of Year 8, students develop project plans to manage time, cost and production of designed solutions. They apply systems thinking by exploring the connections between hardware capabilities and tasks users want to perform. They investigate how data is transmitted via wired and wireless networks. They explain the need for encryption to protect and secure data. Students investigate personal security controls, including multi-factor authentication, to protect their data if passwords are compromised. They understand the impact of phishing and other cyber security threats on people and data.

 

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In Year 9, students learn and can think critically about financial contexts involving the cost of credit and interest earned on investments. They investigate Australia’s economic interconnectedness with the world, how citizens are connected globally, and how these factors affect financial and work futures. Students begin to consider their personal aspirations and the lifelong learning required for changing futures. They consider how legal, taxation and political systems affect their wellbeing and obligations as workers and citizens.

 

Students build knowledge, understanding and skills, and can apply these to an increasing range of complex consumer and financial contexts. They reflect on how media and social media shape their identities and how identities, along with other factors, influence consumer behaviour and financial decisions. They understand and apply strategies to manage financial risks and rewards, including managing risks in the online environment such as scams, identity theft and fraudulent transactions. Students investigate and critically analyse a range of persuasive and finance-specific texts and products. They evaluate these products for authorial intent, and the validity, credibility and suitability of information.

 

Students plan ways to resolve real-world challenges and research more complex data. They apply mathematical modelling strategies to design, model and find solutions, including those involving simple interest. They analyse, manage, manipulate and represent real-world data and information in a range of appropriate formats. They use their analysis to inform real-life consumer and financial decisions.

 

Students practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts. They explain the procedures for safe and secure online shopping and banking. They develop and can apply a range of enterprising behaviours to real-life situations. They accept challenges, show initiative, accept responsibility, take opportunities, set goals, negotiate solutions, and refine and rethink approaches to problems.

 

Students use criteria and cost-benefit analysis to make informed consumer and financial decisions. When making decisions, students consider a range of factors such as social context, beliefs and values, ethical perspectives, safety, sustainability, future risk and personal goals.

 

In Year 10, students learn about compound interest relating to exponential growth and its effect when applied to financial contexts including loans, superannuation and investments. They investigate how economies and democracies remain resilient and responsive to change. They consider their personal aspirations and career opportunities, and the lifelong learning required for a changing future. They learn how government policies, including taxation and superannuation, affect their wellbeing and obligations as workers and citizens.

 

Students have developed knowledge, understanding and skills, and are able to apply these to a range of complex consumer and financial contexts. They evaluate the various factors that influence major consumer and financial decisions. They predict the short- and long-term consequences of these decisions, including evaluating the extent to which financial plans support specific financial goals.

 

Students investigate and critically analyse a range of authentic persuasive texts and complex financial texts. They evaluate texts for authorial intent, and the validity, credibility and suitability of information. Students resolve real-world challenges and research complex data. They apply mathematical modelling strategies to design, model and find solutions, including those involving compound interest. They analyse, manage, validate and represent various types of real-world data and information in a range of appropriate formats. They use their analysis to inform real-life consumer and financial decisions.

 

Students practise and explain safe, ethical and responsible behaviour in online and digital consumer and financial contexts such as online shopping and banking. They have developed a range of enterprising behaviours and capabilities that are necessary for managing change. They take on leadership positions, accept challenges, show initiative, accept responsibility, take opportunities, set goals, negotiate solutions, and refine and rethink approaches to problems. Students can effectively apply these behaviours to a range of real-world situations.

 

Students use criteria and cost-benefit analysis to make informed consumer and financial decisions in a range of real-world contexts. When making their decisions, students consider a range of factors such as social context, beliefs and values, ethical perspectives, safety, sustainability, future risk and personal goals.

 

By the end of Year 10, students develop project plans for intended purposes and audiences to manage projects, taking into consideration time, cost, risk, processes and production of designed solutions. They consolidate their systems thinking by exploring how the hardware and software components of digital systems interact to manage, control and secure access to data. Students extend their knowledge of the importance of security by developing cyber security threat models and exploring an example of a supply chain vulnerability. They critique the digital footprint created by existing systems and their own solutions by applying the Australian Privacy Principles.

 

Please note: Economics and Business and Technologies are electives in Years 9 and 10 and the implementation is determined by each state and territory. 

 

Supporting documentation

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