The Turnbull Government has invited the states and territories to support the expansion of the ASIC MoneySmart Teaching program for a further four years, which would provide teachers with the skills and resources to develop stronger financial capabilities in young people.
Minister for Revenue and Financial Services, Hon Kelly O’Dwyer said supporting financial literacy would improve the lives of Australians as poor financial literacy is an impediment to financial security for Australian families.
Minister O’Dwyer said the new agreement would expand the program to more teachers, meaning it could benefit a significantly larger number of students and schools.
“Financial literacy education in schools is crucial to ensure that students develop the essential knowledge and skills to make sound financial decisions now and into the future, including when it comes to saving, borrowing and investing,” she said. “That is why we want to give more teachers the capacity to teach their students financial literacy skills – skills that they will carry with them throughout their lives.”
Over 32,000 teachers have undertaken the MoneySmart Teaching professional development since its inception, and have reported improvements in their students’ financial literacy knowledge.