National Consumer and Financial Literacy Framework

In response to the global push for improving financial literacy, in 2005, the Ministerial Council for Education, Early Childhood Development and Youth Affairs (MCEECDYA) developed a National Consumer and Financial Literacy Framework.

It defines consumer and financial literacy as “the application of knowledge, understandings, skills and values in consumer and financial contexts and the related decisions that impact on self, others, the community and the environment.”

The Framework describes how consumer and financial literacy education can help achieve the National Declaration on the Educational Goals for Young Australians and the national education reform agenda.

The Framework:

  • guides the Australian Curriculum Assessment and Reporting Authority (ACARA) in implementing the new Australian Curriculum
  • helps states and territories develop their curricula within the national curriculum
  • informs the development of support materials for teachers of consumer and financial literacy

Core areas of study under the Framework include:

  • understanding money
  • consumer literacy
  • personal finance
  • money management

These areas of study are integrated within existing curriculum areas.

The new National Consumer and Financial Literacy Framework was approved by  the Australian Education, Early Childhood Development and Youth Affairs Senior Officials Committee (AEEYSOC) in September 2011. This document is a revised version of the National Consumer and Financial Literacy Framework (the Framework) originally developed in 2005. It articulates a rationale for consumer and financial education in Australian schools; describes essential consumer and financial capabilities that will support lifelong learning; and provides guidance on how consumer and financial education may be structured to support a progression of learning from Foundation–Year 10. Companion resources to this Framework, being developed by the Australian Securities and Investments Commission (ASIC), provide further guidance about integrating consumer and financial education into specific learning areas of the Australian Curriculum. These companion resources are available at: