One in 10 Australian students lacks the financial literacy necessary for later life, according to the first international study of students’ financial literacy conducted by the OECD.
“One in 10 Australian students performed below the baseline, which suggests they are less likely to be prepared to deal with the financial decision-making demands of everyday life,” said Mr Larbey.
“The research also found that 79 per cent of Australian students agreed that it is important for them to learn money management at school,” he said.
Mr Larbey said it is important that students understand concepts such as budgeting and value for money for their “financial wellbeing”.
ASIC said its MoneySmart teaching program is the only national financial literacy program for schools which “aims to promote and support consumer and financial literacy in schools”.
“[The] PISA results highlight the importance of programs like ASIC’s Money Smart Teaching in building financial literacy for the next generation,” said Mr Larbey.
“ASIC encourages principals, teachers, parents and students to visit our MoneySmart website.”
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