Learning to make better financial decisions will help young Australians safeguard their financial future, the Minister for Revenue and Assistant Treasurer, Peter Dutton, said today.
The Minister welcomed today's release of research by the Commonwealth Bank Foundation into the level of financial literacy among Australian school children.
The Federal Government has worked with the States and Territories to establish the first national standards in financial literacy, to be adopted for years 3, 5, 7 and 9. These standards will ensure that all school children acquire the skills they need to make the financial decisions they will face in adult life, the Minister said.
The National Framework will also support professional learning and development of all teachers of consumer and financial literacy and support them with improved access to quality teaching materials.
The Government has established the Financial Literacy Foundation to help all Australians improve their financial knowledge and better manage their money.
The Government is committed to working in partnership with industry to improve the ability of all Australians, from school children to retirees, to make better decisions in managing their money, the Minister said.
The Foundation will also work with employers and other stakeholders to increase access to financial literacy education for young people in the workplace.
The Government will also embark on an awareness campaign later this year, designed to raise awareness of financial literacy issues among the wider community.
From school children to retirees, better financial knowledge and understanding will help all Australians to make better choices about managing money and debt, the Minister said.