A research paper by Queensland University of Technology (QUT), commissioned by the not-for-profit Financial Basics Foundation, highlights the need for teenagers to have formal financial literacy education in high school.
In a statement by the Financial Basics Foundation and Suncorp, QUT academic Ryan Menner says: “…financial literacy is covered in parts of the Australian curriculum but it’s optional and usually included as part of economics or life skills classes however it needs to be a stand-alone subject.”
He said the earlier children are taught about earning, spending, saving and investing money, the better they’re able to handle their financial future over their lifetime.
Meanwhile, Suncorp announced a partnership with the Financial Basics Foundation to launch the Financial Rules of Thumb, a free online resource kit to help parents talk to their children about money.
Financial Basics Foundation chair Brigid Leishman says in the statement that Australian school children deserve every chance to be taught the fundamentals of money to secure their financial future and be ready for a rainy day.
“As communities face the economic and social impacts of Covid, hundreds of thousands of young people have lost their jobs, families are being forced to prioritise their spending on essentials – it’s a very tough lesson,” Leishman said.
Suncorp Bank CEO Lee Hatton said the aim of launching the kit was to equip young people with the right education to take charge of their financial future.
“Educating our children on the financial basics will help them weather challenging times later in life,” Hatton said.