The Federal Government has unveiled a package of support materials to help teachers deliver consumer and financial literacy education in schools.
Launched by Minister for Superannuation and Corporate Law Nick Sherry and Financial Literacy Advisory Board chairman Paul Clitheroe, the initiative follows the government's pledge at this year's 2020 Summit to focus on increasing financial literacy among young adults.
Mobile phones, credit cards and internet banking are among a wide range of financial issues young people have to contend with, Clitheroe said.
"Financial literacy is an absolutely vital life-skill for young Australians. The Rudd Government recognises that it's critical that young people get the chance to learn money skills at school so they're better equipped to make informed consumer decisions," Minister Sherry said.
Over 2008, consumer and financial literacy will be incorporated into core subjects, including English and maths, and across all years from Kindergarten to Year 10.
The curriculum will cover basic budgeting, banking, credit cards and mobile phone plans.
The topic of financial literacy in schools was raised at the 2020 Summit by Australian and New Zealand Institute of Insurance and Finance (ANZIIF) chief executive Joan Fitzpatrick.
