Financial literacy in teens can lead to a lifetime of good decisions - Education Matters Magazine
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Financial literacy in teens can lead to a lifetime of good decisions

Financial literacy

Financial literacy can set young people up to a lifetime of good financial decisions, which is why the Chartered Accountants Australia & New Zealand (CA ANZ) have announced the development of the Treasurer’s Financial Literacy Challenge for students in Years 11 and 12 in partnershipwith the New South Wales Department of Education.

“Learning financial literacy now means young adults are in a better position to make good financial decisions, particularly later in life and can even stimulate interest in exciting careers in accounting and finance,” said CA ANZ CEO Ms Ainslie van Onselen.

“As a profession and as a society, we know that we need to do more to encourage financial literacy among young people, and that’s why we are delighted to work with the Department of Education to build those skills. The most recent Household, Income and Labour Dynamics in Australia (HILDA) Survey showed a massive drop in financial literacy amongst 15–24-year-olds, and in an environment of challenging economic times, that’s an alarming decline and one we should be concerned about.”

Treasurer’s Financial Literacy Challenge

The Treasurer’s Financial Literacy Challenge is an interactive financial literacy program will give students exposure to topics they’ll need to be across to enter the workforce, buy a house, start a business or choose their super fund, according to Ms van Onselen.

Through the program, which complements the new NSW curriculum content on financial literacy, students will be able to undertake the modules as part of their in-class learning, or in their own time, that will cover several important areas, including:

  • Superannuation and tax
  • Automation/technology and finance
  • Entrepreneurship / starting a business
  • Financial literacy tools (e.g. Excel)

Once they complete all modules, students will receive a certificate as proof of their Financially Literate status, and importantly a digital certificate to attach to CVs when attempting to enter the workforce for the first time.

“As an employer, I know how favourably that certificate will be looked upon when recruiting new staff,” Ms van Onselen said. “The modules will be designed in a way to be interactive and based on real life examples that they are likely to encounter, as opposed to academic theory they may struggle to engage with.”

As the leading representative body for the profession and the only body that has FEE-HELP enabled for our courses thanks to our TEQSA (Tertiary Education Quality and Standards Agency) accreditation, CA ANZ has the technical expertise to assist in the delivery of this program, according to Ms van Onselen.

“We are already playing in this space and have developed materials that are easy to understand and implement, such as our High-School Took Kit, and we stand ready to work with other State, and the Federal Government, in rolling out similar programs across Australia.”

Read the full Household, Income and Labour Dynamics in Australia (HILDA) Survey here.

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 135,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.

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