27 February 2018
Media Release - #2018021, 2018

In the role of: Minister for Revenue and Financial Services [19 July 2016 - 28 August 2018]

Turnbull Government Seeks States’ Support to Expand Financial Literacy in Schools

The Turnbull Government knows that supporting financial literacy can improve the lives of Australians, as poor financial literacy is an impediment to financial security for Australian families.

The Government has invited the states and territories to participate in a new agreement that will support the expansion of the ASIC MoneySmart Teaching program for a further four years.

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

“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,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said.

“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,” Minister O’Dwyer concluded.

To date, more than 32,000 teachers have undertaken MoneySmart Teaching professional development. Teachers that have engaged with the program report increased capacity to teach financial literacy education and their students show improved financial literacy knowledge.

The Government encourages all state and territory governments to support the program to improve financial literacy outcomes for all Australian students.