Top 5 financial literacy resources for teachers
Do you remember learning financial literacy skills when you were at school?
We certainly don’t. Besides putting two dollars a week into a savings account, no money management matters were ever discussed.But things have changed since our school days.
Young people are now exposed to money much earlier in life, thanks to buy now pay later services like Afterpay and Zip Pay, tap and go transactions, online purchasing and much, much more.
These new services and technologies, along with studies emphasising the importance of financial literacy, have the Australian Securities and Investments Commission (ASIC) and many other financial experts petitioning for good financial habits to be taught in schools from a young age.
So, we have put together some information around financial literacy and its importance, plus listed four great teaching resources to help with your financial literacy lesson planning.
What is financial literacy?
Financial literacy has become a buzz term in recent years, but in simple terms it’s all about being able to understand and apply financial skills, including managing personal finances and being able to save and budget effectively.
Some financial literacy skills include understanding:
- What money is and how it can be exchanged
- Where money comes from and goes
- Basic financial services
- Financial records and the importance of reading and keeping them
- Attitudes around spending and saving money
- The risks associated with some financial products such as credit cards, payday loans, etc.
- The relationship between risk and return
- Where to access assistance when things go wrong.
Why is financial literacy important?
The Organisation for Economic Co-operation and Development (OECD) states “financial literacy is a core life skill for participating in modern society. Children are growing up in an increasingly complex world where they will eventually need to take charge of their own financial future.”
This is where teachers play an important role in helping children grow their financials knowledge and security, especially as some parents may be ill-equipped to teach their children about money.
So, where do you start when trying to teach students about financial literacy?We have picked out a few of our favourite resources to help with your financial literacy lesson planning.
Visa’s Practical Money Skills for Life is the home of financial literacy education. With a diverse range of resources; including free lesson plans, educational games for classroom use and profiles of inspiring educators; Practical Money Skills hopes to empower educators, enable student learning, and help provide people of all ages with the tools necessary for financial success.
If you are interested in providing best practice information to present financial literacy for kids, this website is for you. Their resources and tips can encourage positive and successful efforts to teach children about handling money.
Many schools are already successfully integrating consumer and financial literacy programs into their curriculum. Learning about money and how it works in the real world can transform the student experience. It creates the sort of learning opportunities teachers love and students thrive on.Moneysmart for teachers helps you bring life into your classroom with their free resources and professional development courses developed by teachers.
Secondary school teachers can access free teaching resources through not-for-profit organisation the Financial Basics Foundation. These resources help students become well-equipped to make informed financial decisions and resist spending temptations; better enabling them to set and reach their own financial goals. This independent charity provides free financial literacy teaching resources to all Australian secondary schools, some charities and registered training organisations.
INFORMATION YOU SHOULD KNOW
This article is intended as general information only and has been prepared without taking into account the personal financial situation, objectives or needs of the reader. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs. You should always seek professional advice or assistance before making any financial decisions.