19 July 2017
Media Release - #2017065, 2017

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

More Australian students to benefit from new funds for financial literacy

The Turnbull Government has announced a further commitment to support the states and territories to expand the delivery of the ASIC MoneySmart Teaching program for a further four years.

By building teacher capacity, the program provides teachers with the skills and resources to develop stronger financial capabilities in young people.

“We want more students to develop essential knowledge and skills to prepare them to make sound financial decisions now and into the future, including in relation to saving, borrowing and investing,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said.

“To achieve this, teachers must have the necessary skills and understanding to deliver and embed this knowledge in young people.”

This funding continues the Government's commitment to working with the states and territories to deliver the MoneySmart Teaching program. A new agreement will help train significantly more teachers and have a positive impact on a greater number of students and school communities across Australia.

To date, more than 30,000 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.

“MoneySmart Teaching program resources have already been accessed by over 50% of all schools, but we are aiming to reach an even greater percentage, and embed financial literacy learning in all our schools,” Minister O’Dwyer said.

All Australians benefit from understanding how to manage money day-to-day and how to make informed financial decisions. Financial literacy education in schools lays the foundation for these decisions and provides an essential life skill for young Australians.

The continuation of ASIC's MoneySmart Teaching program in schools complements the additional funding of $16 million over four years for ASIC’s financial literacy program announced in the 2017-18 Budget.

The Government encourages all stakeholders to be ambitious in their deliverables under the program to support better financial literacy outcomes for all Australian students.