Back in 2007, the Financial Literacy Foundation conducted a survey of kids aged 12 – 17 on a range of financial literacy topics. Approximately 43% of the teen respondents said that dealing with money was stressful and overwhelming, and around two-thirds of the respondents were keen to learn more about money across various areas of finance.
ASIC’s ‘Be MoneySmart’
The Australian Securities and Investments Commission (ASIC) is helping to facilitate this with an online training resource for students in vocational education and training. The resource – Be MoneySmart – aims to improve their financial literacy by better understanding personal taxation, superannuation, insurance, debt management and budgeting.
ASIC Commissioner, Greg Tanzer encouraged trainers and teachers working in TAFE Institutes, registered training organisations, group training organisations and schools to introduce ASIC’s Be MoneySmart into their courses.
“Financial literacy is about empowering individuals so that they can confidently make financial decisions, manage financial risks and participate in our financial system,” said Mr Tanzer.
“Developing good money habits early on will not only help trade students during their training, but throughout their careers.
Making smart decisions about money is invaluable for those students who go on to be self-employed or employ others.”
Why use ‘Be MoneySmart’?
ASIC’s Be MoneySmart resource was developed with assistance from Innovation and Business Skills Australia, the Australian Tax Office, Group Training Australia, Fair Work Building and Construction and Bendigo Kangan Institute.
The Chief Executive of Group Training Australia (GTA), Jim Barron said the new resource is an invaluable asset for young people starting out in their careers.
“It is vital that we give our apprentices and trainees the key lessons in financial management early in their careers so that they have these tools to fall back on throughout their working lives.”
Be MoneySmart can be used for accredited training as part of the Certificate III in Financial Services or for general money management skills development programs. It is also available as a package for training organisations.
“Group Training Australia is delighted to be part of this consultation process, and commends ASIC and the other partners on an initiative that will have long-lasting and widespread benefits,” Mr Barron said.
What does “Be Moneysmart” teach?
The resource covers the following areas of financial literacy:
- Saving, budgeting and spending;
- Personal tax;
- Debt management; and
While they’re not the most riveting of topics, there is no doubt that the demand is there.
In terms of wanting more financial education, the respondents of the 2007 survey nominated the following areas of money management as those in which they wanted to learn more:
- Learn more about how to understand financial language: 81.6%
- Learn more about how to save money: 90.4%
- Learn more about how to invest money: 80.7%
- Learn more about how to manage debt: 82.5%
- Learn more about planning for your long term future: 84.9%
- Learn more about how to choose appropriate insurance: 79.6%
Where can I access ‘Be MoneySmart’?
Be MoneySmart is available free of charge at www.moneysmart.gov.au/teaching.