Australians would be a lot better off if financial literacy courses were taught in years 10 to 12, says Paul Tynan from Connect Financial Service Brokers.
The financial services merger consultancy chief executive said basic financial principles were not taught in Australia’s education system even though it was needed for financial stability later in life.
Speaking to Money Management, Tynan said: “The Australian superannuation system is three times the capitalisation of the Australian stock exchange and every person who enters into employment is automatically entered in the system but we do not teach any information about this.
“And self-employed people also need to know about the super system to grow their personal wealth.”
He said the advice industry could be “front and centre in this” by helping to put together a curriculum as well as provide lectures, tutors and mentors for high school students.
The pandemic showed the need for financial literacy, according to Tynan, as the people that weathered the financial disruption best were those that had a sound basis of knowledge.
Tynan said the curriculum should include a focus on the superannuation system, good and bad debt, taxation, investment, property and shares.
“In the future, as more information is driven to consumers via digital platforms, how are [consumers] going to comprehend this information if they do not have a fundamental understanding of financial skills?”
