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Version 1.2 January 2015

Teacher Guide
Contents ........................................................................................................................................................ 3 Foreword ....................................................................................................................................................... 5 About the Australian Securities and Investments Commission .................................................................... 6 ASIC’s MoneySmart Teaching ................................................................................................................... 6 Key messages ........................................................................................................................................... 7 Program overview ......................................................................................................................................... 8 Helping young people be MoneySmart ..................................................................................................... 8 Program at a glance................................................................................................................................... 9 ASIC’s MoneySmart Teaching program ..................................................................................................... 10 Teaching resources ................................................................................................................................. 10 Role of parents/carers ............................................................................................................................. 11 Resource to support parents/carers ........................................................................................................ 12 ASIC’s Be MoneySmart VET resources .................................................................................................. 12 Using ASIC’s MoneySmart Teaching resources ..................................................................................... 13 Professional learning and accreditation ...................................................................................................... 13 Face-to-face professional learning .......................................................................................................... 14 Online professional learning .................................................................................................................... 14 Accreditation ............................................................................................................................................ 15 MoneySmart Schools .................................................................................................................................. 15 What do MoneySmart Schools do? ......................................................................................................... 15 What are the benefits of being a MoneySmart School? .......................................................................... 16 Becoming a MoneySmart School ............................................................................................................ 16 Rationale for consumer and financial literacy education ............................................................................ 17 Defining consumer and financial literacy ................................................................................................. 18 Appendix 1 – Overview of primary units of work ......................................................................................... 19 Integrated units of work (English, mathematics and science) ................................................................. 19 Mathematics units of work ....................................................................................................................... 21 Appendix 2 – Overview of secondary units of work .................................................................................... 23 Mathematics units of work ....................................................................................................................... 23 Science units of work ............................................................................................................................... 25 English units of work ................................................................................................................................ 26 Appendix 3 – Units of work and supporting digital resources ..................................................................... 27 Appendix 4 – Unit of work planner (template) ............................................................................................. 30 3

Teacher Guide Appendix 5 – Activities for the classroom and workshop presentations ..................................................... 33 Ideas for presenting consumer and financial literacy education in your classroom ................................ 33 Appendix 6 – Policy drivers ......................................................................................................................... 38 The Organisation for Economic Cooperation and Development (OECD) ............................................... 38 National Financial Literacy Strategy 2014 –2017 ..................................................................................... 38 The National Consumer and Financial Literacy Framework ................................................................... 39 Australian Curriculum .............................................................................................................................. 40 Mapping the teaching resources to the Australian Curriculum and Framework ...................................... 40 Melbourne Declaration on Educational Goals of Schooling for Young Australians ................................. 41 Australian Professional Standards for Teachers ..................................................................................... 41 Appendix 7 – Websites and links ................................................................................................................ 42 Key website .............................................................................................................................................. 42 Policy ....................................................................................................................................................... 42 Research .................................................................................................................................................. 43 4

Teacher Guide
As Chairman of the Australian Government Financial Literacy Board, I am extremely proud to endorse ASIC ’s MoneySmart Teaching resources. These materials will give teachers the knowledge, skills and resources to deliver effective consumer and financial literacy learning experiences to their students within the Australian Curriculum. Young people today live in an increasingly complex and digitally connected world and are making consumer choices from an early age. Money is increasingly accessed electronically and therefore becoming ‘invisible’. The financial world today is markedly different from that of less than 10 years ago. Being MoneySmart is more important today than ever before. One of the goals of the Melbourne Declaration on Educational Goals for Young Australians is that ‘all young Australians become successful learners; confident and creative individuals; and active and informed citizens ’. Consumer and financial literacy education will support the attainment of this commendable goal. Teachers play an essential role in educating young people about financial literacy. ASIC ’s MoneySmart Teaching resources will enable teachers to ‘help young people be MoneySmart’.
Paul Clitheroe Chairman Australian Government Financial Literacy Board
I am excited about the tremendous opportunities that ASIC ’s MoneySmart Teaching provides to Australian teachers and their students. The resources provide teachers with the professional learning and supporting materials to give students a great start in life. The Australian Securities and Investments Commission (ASIC) has the portfolio responsibility for financial literacy and our first priority is to ensure people of all ages can make informed and confident financial decisions. The National Financial Literacy Strategy aims to help Australians improve their financial wellbeing by providing a national focus for financial literacy education and services in Australia. Education is the key to this, and I am committed to increasing financial literacy in Australian schools. ASIC ’s MoneySmart Teaching resources have been through a national trial where teachers, students and parents have used the materials. Their feedback has informed the current resources, which are ready for you to use in the classroom. ASIC ’s MoneySmart Teaching materials are aligned to the Australian Curriculum, the Australian Professional Standards for Teachers and the National Consumer and Financial Literacy Framework. Increasing the number of teachers who are skilled, confident and committed to ASIC ’s MoneySmart Teaching is pivotal in building the consumer and financial literacy capabilities of Australian school students. I look forward to sharing that journey with you.
Greg Medcraft Chairman
Australian Securities and Investments Commission
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Teacher Guide
The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth Government body, enforcing company and financial services laws to protect consumers, investors and creditors. ASIC regulates Australian companies and informs the public about financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. As part of its role ASIC has responsibility for financial literacy education nationally and is the lead government agency for this work. It has developed the website moneysmart.gov.au/teaching specifically for educators to support them in the teaching of consumer and financial literacy. ASIC is committed to improving the financial literacy skills of all Australians so that consumers and retail investors, no matter what their age, are well equipped to make informed choices. ASIC ’s MoneySmart consumer website moneysmart.gov.au
supports consumers to this end. More detailed information regarding ASIC can be found on its website asic.gov.au
.
ASIC ’s MoneySmart Teaching is a sustainable program of national significance, which uses consumer and financial literacy as a context for learning across the Australian Curriculum. It is the only Australian Government consumer and financial literacy education program for primary and secondary schools and their teachers, supported by states and territories and endorsed by education ministers through a National Partnership Agreement. ASIC ’s MoneySmart Teaching provides high-quality teacher personal and professional development, teaching resources, dynamic videos and a community partnership approach to consumer and financial literacy education. The resources have been developed in collaboration with a range of key stakeholders and education specialists. ASIC ’s MoneySmart Teaching:  develops consumer and financial literacy capabilities in young Australians    builds teacher capability, both professionally and personally, to teach the Australian Curriculum learning areas using a consumer and financial literacy context uses real-life consumer and financial contexts for learning supports young people to develop knowledge, skills and values to achieve financial wellbeing   is aligned to the Australian Curriculum is mapped to the National Consumer and Financial Literacy Framework – the nationally endorsed education learning framework  is aligned to the Australian Professional Standards for Teachers and informed by the Australian Charter for Professional Learning for Teachers and School Leaders. 6

Teacher Guide
Message: Being MoneySmart is a core life skill in the twenty-first century Supporting statements:
Children are growing up in an increasingly complex world. Money is less visible, online shopping is growing, credit is easy to access and the choice and complexity in financial products and services is increasing. As young adults, they will need to know how to budget and make wise choices for everyday living. They will need to manage risks, avoid taking on unmanageable debt and save enough for their retirement.
Message: Being MoneySmart builds financial health and wellbeing Supporting statements:
Research shows that young adults have among the lowest levels of financial literacy. Poor financial decisions can have a long-lasting impact – not just on individuals, but also on families and society. ASIC’s MoneySmart Teaching resources support consumer and financial health and wellbeing for young people, their teachers and their parents.
Message: You are never too young to be MoneySmart Supporting statements:
Consumer and financial literacy education should start as early as possible – ideally, from the beginning of formal schooling. By the age of seven, children will have developed some of the financial behaviour that they will take into adulthood. Consumer and financial literacy is a partnership between teachers and parents. Research shows that parents and teachers are the most important influence on a child ’s money management skills. Schools and teachers are ideally placed to play a major role in equipping all young Australians with the knowledge, skills, attitudes, values and behaviours they need to meet the challenges of the twenty-first century. 7

Teacher Guide
Educating young people to become consumer and financially literate in a time of rapid economic and social change has become one of the most significant social imperatives of our time. Australians have varying levels of financial knowledge and proficiency. While low financial literacy can occur in any demographic group, young people aged 18 –24 are consistently among the groups that the ANZ research 1 has identified as more likely to have low financial literacy. Data presented by the Australian Bureau of Statistics (ABS) 2 , for the Programme for the International Assessment of Adult Competencies, 2011 –12, reveals significant gaps in critical information-processing skills among the Australian adult population (aged 15 –74). Individuals with poorer skills in literacy, numeracy and problem solving in technology-rich environments will invariably find it more challenging to make informed financial decisions, and be more susceptible and vulnerable to scams. Recent international research indicates that several basic concepts relating broadly to financial behaviours have typically developed by the age of seven 3 and the Organisation for Economic Cooperation and Development (OECD) 4 recommends educating people on financial matters as early as possible in their lives. This highlights the critical role for teachers in teaching all students to become smart with money and to be discerning consumers with a view to becoming confident and informed, financially literate consumers and problem solvers, both now and into the future. ASIC ’s comprehensive MoneySmart Teaching program, informed by national and international research and policy, provides guidance and support to assist teachers in this important role. The Commonwealth Government has provided financial support for teacher professional development in the years 2006 –2007 and from 2010–2017 through partnerships with state and territory education departments under a National Partnership Agreement. The National Consumer and Financial Literacy Framework (2005) identified a critical factor of success for consumer and financial literacy education was to invest in teacher professional development, a key deliverable of this program. Diagram 1 illustrates the key elements of ASIC ’s MoneySmart Teaching program. These key elements are covered in more detail throughout this document. 1 ANZ Survey of Adult Financial Literacy in Australia, ANZ Banking Group, 2003, 2005, 2008, 2011: financialliteracy.gov.au/media/465153/2011-adult-financial-literacy-full.pdf.pdf
2 Australian Bureau of Statistics (ABS), for the Programme for the International Assessment of Adult Competencies, 2011 –12, abs.gov.au/ausstats/abs@.nsf/Lookup/4228.0Main+Features202011-12 3 Money Advice Service (UK), Habit formation and learning in young children, report, UK 2013. 4 OECD, Recommendation on principles and good practices for financial education and awareness, report, 2005, p. 5, oecd.org/finance/financial-education/35108560.pdf
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Teacher Guide
Diagram 1: Key elements of ASIC ’s MoneySmart Teaching program OECD NCFL Framework Melbourne Declaration
Teaching resources:
    units of work digital resources parent support VET Cert III & IV units of competency
Australian Curriculum NFL Strategy Professional learning:
  workshops 1, 2 & 3 accreditation
Confident and informed financial consumers and investors Target audiences:
   teachers students parents
Australian Professional Standards for Teachers Personal learning:
 financial health for teachers
MoneySmart Schools National Partnership Project Agreement with states and territories
Note: Further explanation of the policy drivers is at Appendix 6.
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Teacher Guide
ASIC ’s MoneySmart Teaching resources support the teaching and learning of consumer and financial literacy through the Australian Curriculum. Resources have been developed by teachers for teachers and include a Teacher Guide, a Facilitator Guide and units of work supported by digital activities and other resources. The Teacher Guide and the Facilitator Guide along with the teaching resources will build your understanding of consumer and financial literacy education and provide strategies and tools to effectively teach the Australian Curriculum learning areas using a consumer and financial literacy context. They can be used by a whole school, faculties, teaching teams or by individual teachers. The resources are all freely available in both PDF and Word format on the website: moneysmart.gov.au/teaching .
The Teacher Guide provides:
  information for teachers about the program and suggested classroom implementation background, concepts and rationale for consumer and financial literacy education.
The Facilitator Guide provides:
 a suggested facilitated process to implement consumer and financial literacy education into the school curriculum through a series of workshops and equivalent online modules: — Teacher workshop 1: Introduction to consumer and financial literacy education for teachers — Teacher online module 1*: Introduction to consumer and financial literacy education for teachers — Teacher workshop 2: Exploring consumer and financial literacy education in your classroom — Teacher workshop 3: Sharing your experiences of teaching consumer and financial literacy — Parent/carer workshop, including a focus group, which outlines a process for providing information to engage parents/carers, school communities and other interested organisations in the implementation process.
* Note: Please visit ASIC ’s MoneySmart website – teaching tab for the latest online modules.
The units of work:
 have been developed ‘by teachers for teachers’    address content descriptions of the Australian Curriculum and are aligned to the National Consumer and Financial Literacy Framework use hands-on, real-life situations to provide the context for consumer and financial literacy education have been written using a nationally endorsed unit planner, which incorporates the elements of current curriculum design  have accompanying teacher notes and worksheets for use with students   have supporting digital resources and activities often have a culminating activity, which can be used to showcase the students ’ work and provide an additional opportunity for parent/carer engagement. 10

Teacher Guide For an overview of the:   units of work for primary students see Appendix 1 units of work for secondary students see Appendix 2.
Innovation and enterprising behaviours case studies:
 show teachers how to incorporate their current extracurricular entrepreneurial activities such as market gardens, school fetes and fundraising activities into the formal curriculum of the school by aligning them to the Australian Curriculum and the National Consumer and Financial Literacy Framework  provide a model undertaken by schools that: — implemented a unit of work aligned to the Australian Curriculum and the National Consumer and Financial Literacy Framework, aimed at developing innovation and enterprising behaviours in their students — staged a culminating activity – such as a whole-school market day. For an overview of the innovation and enterprising behaviours case study see Appendix 1.
Digital resources
A wide variety of digital resources including interactive learning objects with supporting teacher notes, games and videos are provided. These are all freely available on the website: moneysmart.gov.au/teaching/teaching-resources The digital resources can be used in conjunction with the units of work in the classroom or as stand-alone activities. They have been designed for use with computers, iPads, and in some cases interactive whiteboards. A list of the units of work and relevant supporting digital resources is at Appendix 3.
Website
 The teaching tab on the moneysmart.gov.au
website provides educators with a range of free resources and professional development to assist in the integration of consumer and financial literacy education into the classroom.  The consumer moneysmart.gov.au
website helps people make smart choices about their personal finances. This website has information, tools, calculators and printed guides.
ASIC ’s MoneySmart Teaching resources are hosted on moneysmart.gov.au
under the teaching tab, which is updated regularly and provides the portal for schools to register as MoneySmart Schools.
This program recognises and values the important role that parents/carers play in the education of their children. 11

Teacher Guide Parents/carers:  are the first teachers of their children  have already begun the process of introducing their children to ideas about and attitudes towards money and its uses before students start school  will have started modelling behaviours relating to planning, saving, spending, donating and investing to their children. Many parents/carers have highly relevant skills and experiences to share in this area and are comfortable contributing in roles such as guest speakers, site visit organisers or resource providers. The parent/carer workshop provides:    opportunities to strengthen partnerships between school, parents, carers and the community strategies and support for this engagement an opportunity to incorporate real-life learning within the classroom and involve parents more closely in this learning. It is important to be aware that social and cultural values and behaviours vary considerably in the areas of consumer and financial practices. While parent/carer engagement of children with household financial responsibilities encourages the development of financial and consumer understanding, this is not common practice for all families.
ASIC ’s MoneySmart website under the Life events and you – families tab has a variety of resources to support parents and carers in talking to and teaching their children about money. This includes a series of five videos featuring David Koch and his wife, Libby, sharing their thoughts and giving suggestions for teaching children about managing their money. Parent notes are also provided to assist parents in talking to their children about using money wisely.
ASIC in collaboration with Innovation and Business Skills Australia (IBSA) has developed two units of competency:   Be MoneySmart (FNSFLT301A) (Certificate lll) Be MoneySmart through a Career in Small Business (FNSFLT401A) (Certificate lV) These units of competency are endorsed as electives in the Financial Services Training Package. The units can be used within Certificate III and Certificate IV qualifications and focus on the skills, knowledge and behaviours required to build financial capability. These units are also suitable for young people undertaking a VET in Schools program. ASIC has developed an online resource to support the Certificate lll Be MoneySmart unit of competency, which is available online under ASIC ’s MoneySmart website – teaching tab. It features real-life scenarios for learning using videos of young people from a range of occupations including:     an electrician a child care worker a carpenter an auto mechanic 12

Teacher Guide  a plumber  a chef. ASIC ’s Certificate III Be MoneySmart resource provides five online modules addressing the topics of:   personal taxation superannuation    saving, budgeting and spending insurance credit and debt management. These modules are supported with student workbooks and assessor guides. ASIC ’s Be MoneySmart through a Career in Small Business Certificate IV online resource is currently under development and will be available in 2016. This resource is for people who have completed their trade qualification and are planning to establish themselves as a contractor or small business operator. Schools could also use it with students undertaking business studies.
Individual teachers can:   use selected units of work and teach them to their classes – adapting them to their students’ needs develop their own units of work using the blank unit planner template as a guide – Appendix 4  link any of their existing units of work to the Australian Curriculum as well as the National Consumer and Financial Literacy Framework using a blank unit planner template – Appendix 4. A whole school or faculty or can:  implement the program. This is the ideal and will ensure students in all year levels are provided with the knowledge and skills to make informed consumer and financial decisions. Appendix 5 provides additional consumer and financial literacy activities that are fun for students and adults alike and can be used to engage and motivate interest in consumer and financial literacy.
We are continually developing new resources. Visit ASIC ’s MoneySmart website – teaching tab for all the latest information and resources: moneysmart.gov.au
.
Through a series of face-to-face workshops or online modules, teachers have the opportunity to engage in consumer and financial literacy professional learning to improve their professional knowledge, practice and engagement and thereby improve the educational outcomes for all young Australians. The professional learning is relevant, collaborative and future focused and aligns with the Australian Charter for the Professional Learning of Teachers and School Leaders and the Australian Professional Standards for Teachers. There are also opportunities to demonstrate leadership for teachers at a classroom level, within a faculty or teaching team and at a whole-school-community level. (See Facilitator Guide)
Note: The terms professional learning and professional development are used interchangeably.
13

Teacher Guide
The teacher workshops can be used by the whole school as a curriculum-renewal process and to provide professional learning to teachers on consumer and financial literacy education. All teachers are encouraged to undertake Workshop 1
– Introduction to consumer and financial
literacy education for teachers either face-to-face or the online version.
In Workshop 1 teachers:
   are made aware of consumer and financial literacy education and its importance for young people learn about ASIC ’s MoneySmart Teaching program see how the units of work and digital resources use consumer and financial literacy as a context for implementing the Australian Curriculum learning areas.
In Workshop 2 teachers:
   examine the units of work consider their school curriculum and use a school audit to determine what consumer and financial literacy is being taught and which units of work would fit best into their school curriculum try out a selection of C&FL units – either from the resources provided or from teachers’ own collection of units.
In Workshop 3 teachers:
    share their experience of teaching the consumer and financial literacy units of work reflect, review and discuss the relevance and suitability of the units of work that were taught and could be added to the school ’s curriculum decide which units are going to be added to the school ’s curriculum, ensuring that they are mapped to the National Consumer and Financial Literacy Framework. This includes both existing and newly developed consumer and financial literacy units and ASIC ’s MoneySmart Teaching units of work develop a plan for showcasing the learning outcomes to the school and broader community.
Teachers can access a number of online professional learning modules under the ASIC MoneySmart website – teaching tab at moneysmart.gov.au/teaching.
The online professional learning modules:
  align to the outcomes of the face-to-face teacher workshops, thereby providing a different mode of engagement provide teachers with the opportunity for self-paced and independent learning on consumer and financial literacy education  are particularly useful for teachers in rural and remote areas, casual or relief teachers, pre-service teachers and for teachers who are new to schools that already see consumer and financial literacy education as important and have implemented a whole-school approach. 14

Teacher Guide
   All professional learning is aligned to the Australian Professional Standards for Teachers. State and territory teacher registration boards/institutes support the professional learning value of the workshops. This professional learning may count towards the requirements for teacher registration and renewal. Certificates of completion for the various elements of professional learning are available. The workshop presenter will issue face-to-face workshop certificates. Online certificates will be generated on completion of the module. For more information please contact: moneysmartteaching@asic.gov.au
.  Each certificate will detail the following: — — — description of the professional learning undertaken duration of professional learning relevant Australian Professional Standards for Teachers addressed through the professional learning. Teachers will need to identify which professional standards are relevant to them. Standards vary with the career stage of the teacher, i.e. Graduate, Proficient, Highly Accomplished or Lead. The standards are available at: aitsl.edu.au/australian-professional-standards-for-teachers .
Being able to confidently navigate the ever-changing financial landscape and make good decisions about money is a core life skill that every Australian needs for their full participation in society and their short- and long-term financial wellbeing. Young people are particularly at risk in today ’s fast-paced and ever-changing consumer society as they are already making significant consumer and financial decisions. Many young people are struggling to make informed decisions about how they use money. This is likely to impact on their future wellbeing. ASIC, together with its partner state and territory education sectors, views consumer and financial literacy education as an essential part of young people ’s education. As such, it is a clear part of the Australian Curriculum and state and territory curriculum frameworks. A MoneySmart School can lead the way in improving consumer and financial literacy education not only in their school, but also with parents, local school networks and local businesses. It is this engagement with the broader community that makes a MoneySmart School.
MoneySmart Schools:
 equip their students with the core life skills essential for them to participate successfully in their communities as confident and informed financially literate consumers – teachers integrate consumer and financial literacy into their daily teaching in a planned way and are supported with freely available quality resources to implement such integration  engage the school community in developing the knowledge and capability required to make informed and effective consumer and financial decisions by using and adding to their existing school community networks and partnerships 15

Teacher Guide  are active learning communities that support sustainable school approaches to consumer and financial literacy education for their students, staff and wider community  connect and engage with local consumer and financial literacy education champions and partners.
As a MoneySmart School you will have access to:
 sharing and showcasing of your school ’s consumer and financial literacy initiatives on ASIC’s MoneySmart website  public relations and marketing support to promote your commitment to consumer and financial literacy education: — — — — — a banner, posters, flyers, an electronic MoneySmart School logo, etc a media kit invitations to participate in ASIC ’s MoneySmart Schools events opportunities for staff development and leadership on a nationally significant and sustainable project the support of ASIC staff and your state/territory project officer. This may include support in the delivery of training or workshops, discussing curriculum implementation and community engagement approaches, coordinating large professional development events and facilitating media and public relations activities.
Being a MoneySmart School is a teaching and learning partnership that will evolve for each school and community in its own way. The starting point for each school will not always be the same but there is a minimum standard that should be met. To become a MoneySmart School, complete the online registration process, which involves:  all staff (or faculty staff) completing either Workshop 1 or Online module 1   principal endorsement of registration as a MoneySmart School identifying one of your teaching staff to be the contact point and the consumer and financial literacy school leader  outlining to ASIC the strategies your school will use to prioritise consumer and financial literacy education and engaging with the broader community. This may include one or more of the following suggested strategies: — establishing a leadership role at the school to drive consumer and financial literacy — embedding consumer and financial literacy units of work and digital resources into your school ’s curriculum structure by: – undertaking an audit of what consumer and financial literacy education is currently being taught formally and informally – – adopting the ASIC MoneySmart Teaching units of work and digital resources adapting existing ASIC MoneySmart Teaching units of work and digital resources to align with your school priorities – developing your own units of work. (Many schools have chosen to use the unit planner template to support this process.) 16

Teacher Guide — developing an implementation plan for the teaching of consumer and financial literacy education in your school — participating in special consumer and financial literacy showcase activities or events that engage the school community — undertaking workshops 2 and 3 — delivering the parent/carer workshop or developing other parent/carer engagement approaches — formally engaging with local school networks and local businesses — contributing to the monitoring and evaluation of the program ensuring ASIC continues to meet the needs of schools and policy makers. ASIC will consult with you to ensure this approach remains sustainable. This may include: – completing a short annual survey – publishing a case study on your school ’s consumer and financial literacy program.
To become a MoneySmart School register on ASIC ’s MoneySmart website at moneysmart.gov.au/teaching by completing the online registration form.
Knowing how to manage personal finances is one of the most important and challenging features of everyday life. It is a core life skill in today ’s world. It affects quality of life, the opportunities individuals and families can pursue, their sense of security and the overall economic health of Australian society.
Some reasons why students need to be taught consumer and financial literacy at school:
  Students are interacting with money and making consumer choices from an earlier age than ever before. Students are growing up in a fast-paced consumer society where money is increasingly ‘invisible’ and digitalised.   There is a growing range of choice and complexity in consumer and financial products. There is increasing use of online and digital environments for shopping and making financial transactions.  Individuals carry a greater level of responsibility for the decisions they make in these contexts. 17

Teacher Guide
The National Consumer and Financial Literacy Framework states:
Individuals who are consumer and financially literate have the ability to apply knowledge, understanding, skills and values in consumer and financial contexts to make informed and effective decisions that have a positive impact on themselves, their families, the broader community and the environment.
5 This definition highlights that consumer and financial literacy is more than just knowing about money and financial matters or having the skills and values to work with this knowledge. It also involves:  developing the confidence and capacity to successfully apply the necessary skills across a range of contexts and for a range of purposes  being able to identify opportunities and act on risks and responsibilities.
Young people need to be positioned to make informed decisions about the way they use money and the impact this has on their future wellbeing.
Effective consumer and financial education:   provides students of all levels with an opportunity to succeed by engaging in real-life financial challenges contributes to students ’ cognitive, personal and social development   develops the capabilities students need to address consumer and financial issues and concerns shapes students ’ social and economic futures. Improved financial literacy can:    help people make informed choices increase economic participation and social inclusion drive competition and efficiency in the financial services sector  build community wellbeing and security. The National Financial Literacy Strategy provides references to research that support the rationale. See Appendix 6. Current research can be found at financial-education.org/home.html
. 5 National Consumer and Financial Literacy Framework (2011) curriculum.edu.au/verve/_resources/National_Consumer_Financial_Literacy_Framework_FINAL.pdf 18

Teacher Guide – Appendices
Year Unit title Unit description F –2 Pancakes can make a difference
This unit focuses on fundraising. Students will read (or be read) a big book story about fundraising and will be motivated to implement their own fundraising project. They will work through a range of engaging activities in order to explore the concept of fundraising and the important role that it plays in our society. Students will develop skills and values necessary to learn about fundraising and the benefits it can contribute to the development and wellbeing of society. They will explore the purpose and language of fundraising, the process and development of a fundraising product and the attributes of Australian coins. The class will plan and implement a small fundraising event for an identified recipient.
3 4 The house of needs and wants
In this unit students will investigate how their needs and wants impact on spending. They will plan and cost a breakfast for themselves or other students within a given budget and examine the differences between what they need for breakfast and what they want. Breakfast could be replaced with morning tea or some other event. Students will develop the skills to compare ‘no-name’ and ‘brand-name’ products for affordability and sustainability. They will interview an adult to determine reasons for choosing ‘no-name’ or ‘brand-name’ breakfast items, conduct an investigation to test affordability and sustainability of a breakfast item and cost the breakfast. To culminate, students will present the breakfast according to the menu they have developed within the set budget.
Advertising detectives
In this unit students will become detectives in a bid to help solve an alarming case of large numbers of advertisements influencing children to buy or want a product. Students will investigate the different gimmicks/tricks used in advertising, how they target children, and how their effect can be minimised. Throughout the unit students will complete a range of investigations, gathering clues along the way to solve this mysterious case. They will explore print, online, television and radio advertisements and identify how each influences the consumer to want the product. This will include testing the level of accuracy of advertisements and gathering data on advertising patterns. 19

Teacher Guide – Appendices
5 6 6 Never too young to be MoneySmart with clothes
In this unit students will investigate the influences on 10- to12-year-old consumers when selecting clothes and accessories. Students will share stories about their choice of clothes and accessories and what influences them when making purchases. Students will collect and analyse data about what 10- to12-year-olds wear and why, and investigate these choices based on cost, peer pressure and suppliers. They will recognise the importance of being MoneySmart when making spending decisions. To culminate this activity, students will cost and make an accessory or item of clothing either designing and making within a given budget or using reused or recycled materials for a no- or low-cost activity. Their final event will be a fashion parade where students will model their accessory or clothing item. They will report on the main influences on the choice of clothes and relate the influence of cost to this final activity. As part of the no-/low-cost option, students investigate how to add colour to plain recycled material. Consider that in some areas this might be a sensitive topic and parents may be responsible for choosing and buying clothes based on cultural or economic reasons.
The fun begins: plan, budget, profit!
In this unit students discover that they have been given a fictitious piece of land. The land is to be developed as a nature fun park, at the request of William Corlett, the relative who owns the land. He has provided a budget of $1 000 000 to develop the nature fun park on the condition that certain facilities are included. He also requests that the trees, stream and lake on the land are retained. Students engage in designing an environmentally friendly fun park and prepare budget sheets. Based on their plan meeting the requirements, they are then eligible to receive the $1m to develop their park. Each student will present their nature fun park plans and budget plans, and calculate the profit they are able to generate from their nature fun park.
Innovation and enterprising behaviours: case study
This enterprise unit of work delivered in Term 3 and culminating in a market day was specifically developed by Bulimba Primary School for inclusion in the Year 6 curriculum and aligns with the Australian Curriculum: English, mathematics and general capabilities and the National Consumer and Financial Literacy Framework. It provides practical, hands-on consumer and financial literacy experiences and develops enterprising skills and behaviours, business skills, understandings and the ability to develop a project plan. Whole-school involvement in the weeks leading up to and including market day was an important part of the project and students were encouraged to come to school prepared to spend money at the market day ensuring that all students were able to access real-life numeracy learning opportunities such as counting out money, calculating change and considering ‘best value’. Some of the products sold on the market day included fizzy sherbet, stress balls, anklets, pet rocks, badges, cupcakes and popcorn. 20

Teacher Guide – Appendices
Year 1 2 3 Unit title Bertie ’s socks Unit description
Judy and her younger brother, Finn, are going shopping with their mother. Judy observes her mother making consumer decisions. Her mother decides that on their next shopping trip, Judy will be responsible for some of these decisions. In this unit, students become familiar with Australian currency as they explore the considerations involved in making spending decisions. Needs and wants are discussed and identified. Practical activities, involving coins and notes, help to illustrate that money is a finite resource. Students gain an understanding of the need for the variety of Australian coins and notes. They read and write whole numbers, and count by twos, fives and tens. In exploring two-digit prices, students start to develop an understanding of place value. Students formulate simple questions and gather responses.
Kieren coin ’s
Kieren is surprised when he finds a strange coin on the kitchen counter. When his teacher sees the coin, she decides that the class will investigate coins further and they generate some great ideas along the way. They decide to create a money museum to raise funds for their upcoming camping trip. This ASIC MoneySmart Teaching unit adds structured learning to any school or class fundraising event. The unit includes guidance for creating a money museum as a fundraising event, but the skills developed in the unit can also support an existing fundraising event. Students add coins and notes, combine coins and notes to reach a specified total, trade one denomination for another, provide change and calculate simple costs. Suggestions are provided for allowing students to demonstrate these skills at your fundraising event. This unit focuses on using a fundraising context to increase students ’ competence and fluency in handling money. This context gives rise to rich mathematical learning as students partition and rearrange collections of coins and notes, develop and use informal strategies for addition and subtraction, use repeated addition to find simple products and make decisions based on the probabilities of events. The unit also includes an investigation of some foreign currency.
Sal ’s secret
Sal ’s older brother and sister are planning to throw her a surprise birthday party. But Sal has discovered their plans! She has achieved this by piecing together a series of clues, including a suspicious receipt and some mental and written calculations, as well as observing her brother ’s and sister’s secretive behaviour. 21

Teacher Guide – Appendices
4 5 6 How much love can fit into a shoebox? Hey! Let have a big day out! It ’s ’s raining cats and dogs…and chickens?
In this unit, students develop a savings routine by saving money as a class to achieve a particular goal. Ideally the savings routine, introduced in Activity 1, would precede the remainder of the unit by several months. Students discuss the importance of keeping track of spending and saving. This motivates the development of mental and informal strategies for addition, subtraction and multiplication, as students spend within a budget, calculate totals on receipts, and simulate EFTPOS and ATM transactions. In this unit students will investigate the possible contents of ‘shoeboxes of love ’, which can be donated to children in need. They will discuss the differences between needs and wants, and compare the needs of others to their own. In their investigation into the contents of their shoeboxes, students will use equivalent fractions, make connections between fractions and decimal notation, and solve problems involving purchases and the calculation of change. They will compare prices of items across a range of vendors. Each student will present a plan for a shoebox of love, using the mathematics of the unit with supporting calculations and appropriate explanations. The class may choose to make and send a shoebox of love. In this unit students will investigate possible costs involved in a family outing. They will discuss the differences between essential and optional costs, and justify reasons for spending preferences. Students will review addition and subtraction of money, and solve problems involving the multiplication of large numbers by one- or two-digit numbers in the context of producing a simple financial plan. They will investigate how reasonable their answers are using estimation strategies. Students will be encouraged to use efficient mental and written processes, and appropriate digital technologies. Students will present a financial plan for an outing, modifying it as appropriate to fit a suggested budget. They will show calculations and give suitable justifications for their selections. In this unit students will investigate the financial and non-financial costs of becoming a pet owner. They will consider other factors such as ethical considerations and the external factors that influence the choice of pet. Students will make connections between equivalent fractions, decimals and percentages, and then use percentages to calculate discounts on expenditure necessary for pet ownership. They will examine national data on pet ownership and the costs involved, and construct a graph. Students will explore different pet enclosures in terms of area and perimeter, using correct units. They will construct simple prisms from nets to model different enclosures. At the end of this unit, students will discuss keeping chickens at school and selling their eggs as a way to raise money. They will design an enclosure for chickens using their knowledge of area and perimeter. Students will evaluate the financial and ethical considerations of keeping chickens for this purpose. 22

Teacher Guide – Appendices
Year Unit title 7 8 Unit description How can we reduce our spending?
Mia ’s family wants to spend less on their household expenses, including groceries. Mia ’s brother Alex needs a new wheelchair. To get one with some special features costs more than the family can afford at present. They want to save money by buying smart. One way of doing this is to look at savings they can make using comparative shopping. If they put away the money they save each week, by the end of the year they hope to have saved the difference between a basic wheelchair and one with special features. In this unit, students examine the concept of comparative shopping in two different contexts – grocery shopping and mobile phone plans. This provides opportunities for mathematical investigation and includes some homework and assessment opportunities. By the end of the unit, students will have investigated the unit pricing of a variety of grocery items and related these understandings to mobile phone plans. Students will need to understand the use of different measurements, including those related to the comparative size of different data downloads. Students will perform calculations related to mobile calls, messaging and data downloads, based on unit price, to ensure that mobile phone costs remain within budget.
How can we access money overseas?
Maria ’s Japanese language class is going on an excursion to Japan. Among other activities, they will visit the moneyless markets in Kaminoseki, a small town in the Kumage District. These are markets where people exchange items but no money is used. Maria will take some cash with her for expenses, but her grandmother wants Maria to be able to access money overseas. This would be especially important if there was an emergency. Maria ’s friends and family are excited about her trip. A few friends have asked her to buy some products for them while she is Japan – but only if the products are cheaper than in Australia. Maria is wondering how she can work out relative prices. In this unit, students explore the concepts of currency and currency conversion in the context of overseas travel. This context provides opportunities for several mathematical investigations and includes a range of tasks and assessment opportunities. By the end of the unit, students will have investigated the need for currency, performed currency conversions and performed calculations related to common fees and charges on financial products. In addition, a second task challenges students to work out the advantages and disadvantages of operating in markets that do not use money. 23

Teacher Guide – Appendices
9 10 How can we obtain more money?
Alistair and Bonnie are Year 9 students who would like to earn some money. They investigate different ways of earning money including getting a job and then allowing that money to grow by using simple interest. They also investigate the effects of inflation and its influence on decision-making around financial goals. In this unit, students assess the advantages and disadvantages of different ways of obtaining money, including different ways of getting paid. They investigate the number of hours per week that Year 9 students work, perform simple interest calculations, calculate earnings based on rates of pay and commission, and investigate the way that prices change over time.
Reaching goals: what is involved?
Cathy and Dinuka are Year 10 students who are planning to go on a holiday together after they finish school at the end of Year 12. They will need some money to fund their holiday. Planning for the holiday leads to them to think about financial planning – goal setting, saving, borrowing, investing, working with compound interest, good and bad credit, depreciation and inflation. In this unit, students investigate the effects of compound interest, derive the compound interest formula and apply it in a variety of contexts that have implications for financial planning. While this unit doesn ’t describe the process of financial planning, the considerations encountered are a pre requisite for any further work in constructing a financial plan.
9 and 10 smart consumers 4 a smart future
smart consumers 4 a smart future teaches students about being responsible consumers using a range of real-life issues around sustainability. Each topic is introduced using a scenario that highlights an issue or problem that needs to be solved. Activities are focused on mathematics, English and science and provide a range of tasks that can be used in isolation or as part of a larger unit of work. Students engage with a range of learning opportunities that include designing a debate, developing a pitch for a reality TV show, planning a meal within a budget and investigating the energy efficiency of household appliances. 24

Teacher Guide – Appendices
Year 7 8 Unit title Should I drink bottled water? Unit description
This unit gives students opportunities to develop an understanding of the importance of water for the environment and potable water for human consumption. They will consider water availability and use, from an individual, national and international perspective. They will explain the natural processes in the water cycle that enable clean water to be obtained and the processes humans carry out to treat water so that it is potable. Students will understand the cost of drinking bottled water compared to tap water. The environmental impact of bottled water and factors that impact on consumer choices will be considered. Students may be given the opportunity to fundraise for an organisation such as Water Wells for Africa (WWFA), possibly with money saved by drinking water from bubblers or reusable bottles.
Light up the globe!
This unit will help students make the right choice from the wide range of light globes now available. Their choice will be based on cost, value for money, life span of globe, light output and energy used. Students will gain an understanding of how light output and electricity (energy) consumption are measured. They will use a light meter to compare light emitted from a variety of light globes e.g. incandescent, fluorescent and halogen. They will then use the consumer information on the light globes to compare the electric power that would be used to run the light globe for 100 hours. The data collected will be processed and students will conclude which light globe is their preferred choice. They will justify their choice by presenting a pamphlet promoting their choice of light globe. 25

Teacher Guide – Appendices
Year Unit title 9 10 Unit description Could I live smaller?
Students explore personal consumer choices and the idea of living small. They will investigate and research the influences and impact of a consumer society on teenagers ’ choices and decision-making. They will explore concepts of personal consumer choices related to ‘needs’ and ‘wants’, shopping online and ways of living small. Each student will plan, develop and deliver a multimodal presentation about living small. Students will engage in the processes of listening, speaking, reading, viewing, writing and creating to enhance and enrich the learning experience. The unit is designed to address the Year 9 Australian Curriculum: English and National Consumer and Financial Literacy Framework.
Teens talk money
In this unit, students will research and investigate consumer and financial literacy topics. Students will then present the results of their research and investigations by producing a simulation of a TV talk show for teenagers, Teens Talk Money. They will work collaboratively in small groups to present their findings related to part-time employment, buying a car, savings and record keeping. They will examine matters of online shopping and payment. Teens Talk Money is an informative, entertaining and fast-moving TV talk show for teenagers by teenagers. Students are part of a team that produces the show and ‘broadcasts’ it live. They will be allocated roles and responsibilities that parallel those on a real TV talk show. The show has interviews, a quiz, panel discussions and expert commentaries. The unit is designed to address the Year 10 Australian Curriculum and National Consumer and Financial Literacy Framework. It can be modified depending on the number of students, roles and TV show segments. 26

Teacher Guide – Appendices
Unit of work
difference
– primary
F –2 Integrated: Pancakes can make a Year 1 mathematics: Bertie Year 2 mathematics: Kieren ’s socks ’s coin
Digital activity
F –2: Needs and wants F –2: Goods and services F –2: Money match F –2: Pay the price F –2: Ava makes a difference (interactive PDF, big book) F –2: Money match F –2: Needs and wants F –2: Pay the price F –2: Needs and wants Year 3/4: Money and people Year 3/4: Money maps Year 3 mathematics: Sal and wants ’s secret Year 3 integrated: The house of needs Year 2/3: Party time F –2: Needs and wants Year 2/3: Party time Year 4 mathematics: How much love can fit in a shoebox? Year 4/5: Helping out Year 5 mathematics: Hey! Let ’s have a big day out! Year 3/4: Fun day out Year 3/4: Our big weekend adventure Year 6 mathematics: It ’s raining cats and dogs...and chickens! MoneySmart Teaching stories: The cost of chickens and dogs...and snakes? Year 6 integrated: The fun begins: budget, plan, profit! Year 3/4: Fun day out Year 3/4: Our big weekend adventure Year 4/5: Helping out Year 5 –8 MilbaDjunga – Do I need it? Do I want it? How can I get it? Online module Teacher guide (Indigenous) Videos 27

Teacher Guide – Appendices
Unit of work – secondary Digital activity
Year 7 mathematics: How can we reduce our spending? Mobile phone activities Year 8 mathematics: How can we access money overseas? Year 3/4 Money & people
Note: An interactive activity that teaches foreign forms of currency to primary students and may be used for that purpose for higher levels
Year 9 mathematics: How can we obtain more money? Video: Show me the money (first job) Year 9 English: Could I live smaller? Year 10 English: Teens talk money Videos:  Teens and consumer issues (interviews with students)  Consumerism and teens (experts)  Financial transactions (from the MoneySmart Rookie Youth in Transition project) ASIC ’s MoneySmart Rookie videos:  In the driver ’s seat   Credit hangover Phoney deals    Moving out Too good to be true Show me the money ASIC ’s MoneySmart Rookie convos:    First car Credit and debt Shopping for a mobile   Moving out of home Online shopping and banking  First job Year 9 –10 MilbaDjunga: How can I start my own business? (Indigenous) Online module/Teacher guide
Online module
Year 9 –10 mathematics, science, English: smart consumers 4 a smart future MoneySmart Rookie for educators (Resource for teachers of adolescents)
Digital activity
Complete units of work and activities in mathematics, English and science including teacher notes and student interactive resources with a theme of sustainability Community educator guide including lesson plans Digital activities 28

Teacher Guide – Appendices
ASIC ’s Be MoneySmart VET resource Digital activity
Two units of competency endorsed as electives in the Financial Services Training Package:  Be MoneySmart (FNSFLT301A) (Certificate III)  Be MoneySmart through a Career in Small Business (FNSFLT401A) (Certificate IV) – available in 2015 The competencies can be used within Certificate III and Certificate IV qualifications and focus on the skills, knowledge and behaviours required to build financial capability. ASIC ’s Be MoneySmart online resource features real-life scenarios for learning using videos of young people from a range of occupations including:  an electrician    a child care worker a carpenter an auto mechanic   a plumber a chef.
ASIC ’s Be MoneySmart online resource includes five topics:      personal taxation superannuation saving, budgeting and spending insurance credit and debt management. 29

Teacher Guide – Appendices
(This could be in the form of a question.)
Year level Duration of unit Discipline/subject area Unit description
(One or two paragraphs describing what the unit is about and focus of the student learning)
Enduring understandings/Deep learnings
(The knowledge, understandings, skills and behaviours, connected to the real world, which the students will retain in the long term. Typically a unit of work will contain two statements addressing the Australian Curriculum Content Descriptions and two statements addressing the National Consumer and Financial Literacy Student Learnings.)
  
Australian Curriculum
 Strand Sub-strand
Content Descriptions
(Used for planning the content and assessment)
— — —
National Consumer and Financial Literacy Framework
 Dimension
Student Learnings
— — —
(The student learnings in the National Consumer and Financial Literacy Framework are divided into and applicable over bands covering two chronological years.)

Teacher Guide – Appendices
Australian Curriculum General capabilities: Cross-curriculum priorities: Proficiency standard:
(mathematics only)
Stages of pedagogical model Sequenced teaching and learning activities
(Units of work are written to a variety of models including the Five E ’s, the Inquiry Model, and Backwards by Design. ASIC ’s MoneySmart Teaching units of work have been developed using a very basic three step model, which teachers may choose to adapt to the model used at their school.) (These carefully sequenced activities are developed to meet the requirements of the content descriptions and student learnings. The activities are the direct interface of activity between teachers and students and are aligned to the stages of the curriculum model.)
Assessment tasks
(The assessment tasks provide developmental information to both teachers and students.)
Resources
(Print and digital)
1 Introducing Activity 1
(Sets the context and the purpose for the unit of work)
Activity 2 Activity 3
(Activities should be aligned to the stage of the pedagogical model and assessment tasks. The number of activities per stage will vary from unit to unit.)
Diagnostic
(This assessment may be either formal or informal and provides the teacher with information on what the students know and understand. It provides an opportunity for teachers to address misunderstandings.)
  

Teacher Guide – Appendices
2 Developing
(Student acquisition and consolidation of knowledge, understandings and skills)
Activity 4 Activity 5 Activity 6 Activity 7 Activity 8 Activity 9 3 Culminating
(Students produce evidence of their learning throughout the unit and show how the learning connects to the real world.)
Activity 10 Activity 11 Activity 12
Formative
(This assessment, at least some of which will be formal, provides feedback to students on their progress.)
Summative
   
(This formal assessment provides a final appraisal of student work.)
 
Diversity of learners
(The Australian Curriculum is based on the assumptions that each student can learn and that the needs of every student are important. These needs are shaped by individual learning histories and abilities as well as personal, cultural and language backgrounds and socio-economic factors. Teachers may adapt or plan additional learning activities depending on the multiple, diverse and changing needs of their students.)
Connection to year level Achievement Standards
This unit of work contributes to the bolded sections in the Achievement Standards in (insert key learning area) for Year (insert year level)
(Advice from ACARA is that the relevant complete Achievement Standard for the appropriate discipline and year level is inserted and the statements explicitly addressed are made bold.)

Teacher Guide – Appendices
  Keep lessons very practical and ‘hands on’ as young students learn best through experience – by doing. Bring music into your lessons, e.g. start a lesson with Abba ’s Money, Money, Money.  Have a competition to see how many songs about money you can think of.  Use pre-recorded TV shows or DVDs of money shows such as The Checkout, The Gruen Transfer or Supersize Me.
Example activities
Below are some examples of activities you can do with either your staff, parents or students. (Examples can be adapted for students.)
Activity 1: A personal money timeline
Fold a piece of butcher ’s paper into eighths. Unfold it and hold it landscape, and head each section with: 0 –10, 11–20, 21–30, 31–40 etc until you get to 80. Demonstrate the folds. This represents a person’s life span. Form into small groups. With your group, brainstorm and list in each column what place money has or what role money plays in that period of a person ’s life. Discuss the completed table with your group. Provide feedback on the main observations to the group.
Activity 2: The needs and wants sort-out
For this activity you will need to hand out an envelope with a number of cards in them to each group – these can be found on the next page and might need to be adjusted for younger students – pictures could be used instead of words. One of the main understandings students require is the difference between needs and wants. Needs being defined as something we can ’t live without, and wants being defined as all those things we would like to have but are not essential for our survival. This activity will get students thinking about what they want and need and should let them see that people view these differently. One important aim of consumer and financial literacy education is to ensure that students understand the difference between these and realise that spending their money on their needs should come before spending on their wants. You have been given a selection of cards listing some needs and wants. In small groups, sort the cards into two groups under their headings – NEEDS and WANTS. 33 33 33

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Activity 3: The push and pull of needs and wants – a tug o’ war
Teacher Guide – Appendices Using a rope with a card displaying ‘NEEDS’ attached to one end and a card displaying ‘WANTS’ attached to the other, have a tug o ’ war. The first team to pull the other team over a designated mark on the floor is the winner! Repeat with another two teams. We live in a consumer society where powerful advertising aims to convince us that our wants are actually our needs. So, we are often in a situation where we have a tug o ’ war within ourselves about whether we should buy something or not. It will show students that sometimes the needs will win but other times our wants get the upper hand. The Year 3 integrated unit ‘The house of needs and wants’ is a good unit to explore these issues. The Year 5 mathematics unit ‘Hey! Let’s have a big day out’ also looks at purchasing essential and optional items and so is an extension or refinement of the needs and wants issue.
Activity 4: An Oxford debate
Have three cards – AGREE, DON’T KNOW and DISAGREE – lined up on the floor. Present signs showing a number of value-laden statements about money. For example:     Money is the root of all evil. I need lots of money to be happy. Money can ’t buy you happiness. Money doesn ’t grow on trees. Stand near the sign that closely aligns with your attitude; discuss reasons with others of the same opinion. Provide feedback on reasons to the group. (Allow people to change positions after hearing the reasons.) Before starting to teach your students about money it is a good idea to explore what their attitudes to money are. By carrying out the above activity they can explore some of these attitudes in a supportive environment and can realise that it is okay to change their mind after having been exposed to other points of view. One of the aims of a consumer and financial literacy education program is to change behaviours. However, you cannot change your behaviours unless you first change your values and attitudes. 37 37 37

Teacher Guide – Appendices
As detailed in Program at a glance – Diagram 1, page 9, the following policy drivers provide a framework for ASIC ’s MoneySmart Teaching program.
Financial literacy is globally acknowledged as an important factor in economic development and financial stability. The Organisation for Economic Cooperation and Development (OECD) has recognised the need to develop the financial literacy of citizens as an effective tool in promoting financial stability for economies and individuals. The International Network on Financial Education (INFE) was created for this purpose. Through the INFE arm of the OECD, there has been strong advocacy for consumer and financial education to be a key priority in school education and for that education to start as early as possible. During 2012, financial literacy featured in the Program for International Student Assessment (PISA). Australia participated in this assessment program and the results are now available at acer.edu.au/files/PISA_2012_Financial_Literacy.pdf
. PISA was designed and developed by the OECD as an ongoing, international comparative study, which gathers indicators of student characteristics and proficiencies every three years. It is designed to generate reliable, high-quality indicators of education outputs, chiefly knowledge and skills in the domains of reading, mathematics and science at or near the end point of compulsory schooling in most OECD countries. From 2012 a financial literacy option was introduced. Australia participates in PISA, though it is up to each individual state and territory education department to make the commitment and participate. The next PISA testing will be in 2015. PISA measures students ’ financial literacy by:  focusing on real-life situations   assessing the application of knowledge and skills on behaviours assessing 15-year-old students every three years.
Over the past decade, particularly since the global financial crisis, financial literacy has increased in importance in Australia and around the world. Financial literacy is now widely regarded as an essential everyday skill. Around 50 economies worldwide, including Australia, are developing or implementing national financial literacy strategies. ASIC published Australia ’s first National Financial Literacy Strategy in March 2011 to promote a national approach to advancing the financial literacy of Australians. ASIC ’s MoneySmart website and ASIC’s MoneySmart Teaching program are key initiatives under the 2011 Strategy. The Strategy also promoted and encouraged collaboration across the business, community, government and education sectors. Following an extensive review and consultation process in 2013, and informed by international good practice and latest research, ASIC has developed an updated National Financial Literacy Strategy for 2014 –17 around five key strategic priorities: 1. Educate the next generation, particularly through the formal education system. 2. Increase the use of free, impartial sources of information, tools and resources. 38 38 38

Teacher Guide – Appendices 3. Provide quality targeted guidance and support. 4. Strengthen co-ordination and effective partnership. 5. Improve research, measurement and evaluation. ASIC ’s MoneySmart Teaching program and the website are key initiatives under the first and second strategic priorities respectively. Building on the key elements of the 2011 Strategy, the 2014 –17 Strategy is designed to be a practical framework for action across sectors and provides scope for both new and existing initiatives. To facilitate this, a cross-sectoral action plan has been developed as a companion to the 2014 –17 Strategy. This plan will guide and encourage the efforts of all those who are working to advance Australians ’ financial literacy. The 2014 –17 Strategy and the companion cross-sectoral action plan were published at financialliteracy.gov.au
in August 2014.
The professional learning and teaching resources are aligned to the National Consumer and Financial Literacy Framework and the Australian Curriculum. The National Consumer and Financial Literacy Framework (the Framework) was first endorsed by the Ministerial Council for Education, Early Childhood Development and Youth Affairs (MCEECDYA) in 2011. The Framework:  is the key policy document for consumer and financial literacy education in Australia    is intended for use by educators articulates a rationale for consumer and financial education in Australian schools provides guidance for teachers on how consumer and financial education may be structured to support a progression of learning from Foundation to Year 10. The Framework outlines three interdependent dimensions of consumer and financial literacy. These are:    Knowledge and Understanding Competence Responsibility and Enterprise. The dimensions are broken down into student learnings, which:  are described in two-year bands – Year 2, 4, 6, 8 and 10  represent what students should know, understand and be able to demonstrate at the end of each band. The National Consumer and Financial Literacy Framework document can be downloaded at: curriculum.edu.au/verve/_resources/National_Consumer_Financial_Literacy_Framework_FINAL.pdf
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The Australian Curriculum provides the opportunity to embed consumer and financial literacy into all learning areas of the curriculum for all students from Foundation to Year 12. Considerable work has been done to ensure that consumer and financial literacy skills are integrated into the Australian Curriculum.  In mathematics there is now a sub-strand of number and algebra called ‘Money and financial
mathematics
’.  In economics and business, consumer and financial literacy makes up a significant part of the curriculum.  With other learning areas, the links are inferred through the application of knowledge and skills in real-life contexts. Teaching resources are mapped to both the Australian Curriculum and The National Consumer and Financial Literacy Framework. Diagram 2 shows an excerpt from the Year 7 mathematics unit – ‘How can we reduce our spending?’, and shows how the units of work are mapped to both the Australian Curriculum and The National Consumer and Financial Literacy Framework using the nationally endorsed unit planner.
Mapping the teaching resources to the Australian Curriculum and Framework Diagram 2: Example of an Australian Curriculum and Framework map
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The Melbourne Declaration on Educational Goals for Young Australians 2008 (the Melbourne Declaration) acknowledges that school education in the twenty-first century should equip young people with ‘the knowledge, understanding, skills and values to take advantage of opportunities and to face the challenges of this era with confidence ’. Under the Melbourne Declaration, which sets the direction for Australian schooling for the next 10 years, the Australian Government and all state and territory governments have committed to work collaboratively so that:   Australian schooling promotes equity and excellence (Goal 1) all young Australians become successful learners; confident and creative individuals; and active and informed citizens (Goal 2). From these goals, there are two important targets that relate to consumer and financial literacy education. Goal 1 not only challenges us all to ensure each student is able to access high-quality educational services without discrimination and hindrance, but also ensures that the learning outcomes of all students are sufficient to ensure the minimisation of economic disadvantage and the subsequent social consequences. Goal 2 focuses on building each young person ’s capacity to engage successfully with the world and to act with self-determination, creativity and enterprise. To do that, they must be able to engage with capabilities that allow them to draw on a range of literacies that open up their world and enable full participation and success in personal, family, community and civic life. Teaching consumer and financial literacy is pivotal to the achievement of Goal 2. The Melbourne Declaration can be downloaded at education.gov.au/melbourne-declaration-educational-goals-young-people .
The key elements of quality teaching are described in the Standards. They articulate what teachers are expected to know and be able to do. ASIC ’s MoneySmart Teaching professional learning workshops are aligned to the Australian Professional Standards for Teachers. See aitsl.edu.au/australian-professional-standards-for-teachers/standards/list .
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moneysmart.gov.au
(select ‘Teaching’ tab)
National Financial Literacy Strategy
Can be downloaded at financialliteracy.gov.au/ Financial literacy is about understanding money and finances and being able to confidently apply that knowledge to make effective decisions. The National Financial Literacy Strategy was developed to provide a national direction for this priority area. This strategy contains a comprehensive list of financial literacy research.
National Consumer and Financial Literacy Framework
Can be downloaded at curriculum.edu.au/verve/_resources/National_Consumer_Financial_Literacy_Framework_FINAL.pdf
This Framework is for teachers and principals. It is also highly relevant to the work of curriculum developers and curriculum support staff in state and territory government and non-government education sectors, pre-service teacher educators and teacher professional associations.
The Australian Professional Standards for Teachers
teacherstandards.aitsl.edu.au
The Australian Professional Standards for Teachers is a public statement of what constitutes teacher quality. The Standards define the work of teachers and make explicit the elements of high-quality, effective teaching in twenty-first-century schools, which result in improved educational outcomes for students.
PISA 2012 Financial Literacy Framework
oecd.org/pisa/pisaproducts/46962580.pdf
The OECD tests 15-year-olds on their knowledge of personal finances and ability to apply it to their financial problems. PISA 2012 is the first large-scale international study to assess the financial literacy of young people. The results are now available.
The OECD ’s Programme for the International Assessment of Adult Competencies
oecd.org/site/piaac/
The Australian Institute for Teaching and School Leadership (AITSL)
aitsl.edu.au/ The Australian Institute for Teaching and School Leadership (AITSL) came into being on 1 January 2010. AITSL has responsibility for:    rigorous national professional standards fostering and driving high-quality professional development for teachers and school leaders working collaboratively across jurisdictions and engaging with key professional bodies. 42 42 42

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Financial Literacy and Behavioural Change
Report can be downloaded at download.asic.gov.au/media/1343582/rep230-financial-literacy-and-behavioural-change.pdf
A stocktake of what ASIC and others have learned about financial literacy to date, based on research about people ’s financial knowledge and behaviour, and the strategies and tools that might influence financial decision-making. It includes a comprehensive list of other financial literacy research sources.
Australian Bureau of Statistics (ABS)
Recent research by the Australian Bureau of Statistics for the Programme for the International Assessment of Adult Competencies, 2011 –2012, reveals significant gaps in critical information processing skills among the Australian adult population (aged 15 –74). abs.gov.au/ausstats/abs@.nsf/Lookup/4228.0Main+Features202011-12
ANZ Survey of Adult Financial Literacy in Australia
Can be downloaded at financialliteracy.gov.au/media/465153/2011-adult-financial-literacy-full.pdf.pdf
The findings of the fourth ANZ Survey of Adult Financial Literacy in Australia. The survey of over 3500 adult Australians focused on behaviours indicative of a person ’s financial literacy, and links between those behaviours and a person ’s demographic characteristics.
Commonwealth Bank Foundation – Improving Financial Literacy: Benefits for all Australians
Report can be downloaded at commbank.com.au/about-us/download-printed forms/2010commbankfoundation-improving-financial-literacy.pdf
As part of the Commonwealth Bank Foundation ’s 2010 research with Monash University and the Ipsos Eureka Social Research Institute, 3000 Aussies between 16 and 65 were surveyed to look at financial literacy and the relationship with financial and personal outcomes.
Habit Formation and Learning in Young Children, Dr David Whitebread, Dr Sue Bingham – University of Cambridge
moneyadviceservice.org.uk/en/static/habit-formation-and-learning-in-young-children
PISA 2012 Financing the future: Australian students ’ results in the PISA 2012 Financial Literacy assessment, Sue Thomson – ACER
acer.edu.au/files/PISA_2012_Financial_Literacy.pdf
OECD Financial Education in Schools
oecd.org/daf/fin/financial-education/financialeducationinschools.htm
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