Financial literacy training should be embedded in the high school curriculum, a review has concluded.
After a lengthy consultation process, The Australian Securities and Investments Commission (ASIC) came up with a series of financial literacy priorities for the next three years, the cornerstone of which was educating the next generation about finance.
The plan involves educating school teachers to confidently talk about financial literacy and formalising its teaching in the high school syllabus.
Other priorities included increasing the number of trustworthy internet sources of information for consumers and investors and improving referral and support networks.
When asked about current gaps in the market, respondents identified access to low-cost services for those not in crisis, information tailored to indigenous people, and financial literacy programs in workplaces as areas that need improvement.
The consultation, which elicited 58 written responses, formed the basis of ASIC’s financial literacy strategy paper for 2014-2017.