Money Education
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June 30, 2024
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The urgency of integrating financial literacy into education is crystal clear. This isn't about adding another subject to the curriculum (which is unlikely to happen); it's acknowledging that financial literacy isn't just an elective; it's a cornerstone of comprehensive education. And it needs to happen during school years - by the time kids leave school their appetite to prioritise financial literacy almost completely disappears until later life stages.
It is widely believed that it should be part of the curriculum. In fact, if you ask (and I have) the folks in charge of the curriculum here in Victoria, you will be told (somewhat defensively) that IT IS in the curriculum. In v8 of the National Curriculum it was actually mentioned in its own right as a cross curriculum priority - in v9 - the latest version, it is gone - giving way to more topical priorities such as Sustainability.
To be fair, it does appear in a few bullet points each year under the Mathematics curriculum. It also appears in the Humanities: Economics & Business curriculum, however, the focus here is naturally - Economics and Business, not in depth personal finance. And even this becomes an elective at a certain point in the Australian schooling system (ironically, at the exact point that it is most important).
Teachers are overloaded - reportedly leaving the profession in droves and schools struggling to attract new talent, to the extent that in Victoria you can get a secondary teaching degree for free.3 In Victoria, when Bank’s were ‘removed from schools’ following the Dollarmites debacle4 the burden of preparing financial literacy lessons was placed on teachers.
See the problem here?
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So how do we turn this around?
I believe that in this landscape where both the education sector and the financial landscape are growing increasingly complex and in parallel, the rise of EdTech, the traditional approach of cobbling together resources for teachers and parents is over.
Kids Get Money has created a groundbreakingly simple (very affordable) solution for teachers and parents.
Fun, engaging, easy to use software that contains the whole lesson ‘done for’ the educator and the student.
24 online lessons - 21 activities - 3 end of module assessment quizzes. Teacher designed, curriculum aligned, an intuitive portal featuring all the necessary resources for educators and a dashboard to track students' progress. For the kids, the lessons unfold as an exciting journey, employing gamification and online activities to solidify their understanding.
With no prerequisite learning curve for educators, Kids Get Money can seamlessly integrate into school curricula or become an invaluable tool for parents and caregivers, adapting effortlessly to various learning settings, including Home School, Holiday Clubs and After School Care programs. Furthermore, it serves as a vital resource for relief and out of field teachers.
Kids Get Money isn't just a one-off solution; it's designed to be a multi-year program, gradually constructing a scaffold of financial literacy. By the time students hit their last formal (whether it’s Y10, 11 or 12), they're equipped not just to survive but to thrive in the complex financial landscape awaiting them.
Investing in the financial education of our children isn't just philanthropic, it's an investment in the future prosperity of Australia.
A financially literate generation doesn't just alleviate the strain on social services caused by financial distress; it actively contributes to the economic success of our country.
Together, let's shape a future where financial literacy is not a privilege but a fundamental right for every Aussie child.
Annette Rose
CEO, Kids Get Money
In Australia a staggering one-third of adults grapple with basic financial concepts1- it's hardly surprising that the echoes of financial stress reverberate across generations.
In November 2023, an ASIC media release reported that 82% of Gen Z (18-26 year old’s) are feeling financially stressed. Cost of living challenges are seriously impacting what is arguably the most marketed to generation.2
Without the benefit of financial literacy, 68% of Gen Z’s describe finances as a cause of major concern. Overwhelm and not knowing where to start are described as the reasons for not taking action.
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