Government urges states to extend financial literacy program

States and territories have been invited by the federal government to support the expansion of ASIC’s MoneySmart teaching program for a further four years in order to overcome the “impediment” of financial insecurity.

The MoneySmart Teaching program provides teachers with the skills and resources to develop stronger financial capabilities in young people.

Minister for Revenue and Financial Services Kelly O’Dwyer said that the program is “essential” to ensuring that students have the know-how to make “sound financial decisions” in the future. 

Ms O’Dwyer said: “The new agreement will expand the program to significantly more teachers so financial literacy lessons can have a positive impact on an even greater number of students and schools across Australia. 

“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. 

“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.”

Since the program was launched, over 32,000 teachers have taken part in the MoneySmart Teaching development program.

[Related: Government announces new financial literacy board appointees]