In 2008, all Australian states and territories made a commitment to integrate and teach financial literacy through their curriculums from Kindergarten to Year 10. This decision was supported by the development of the National Consumer and Financial Literacy Framework which has been informing curriculum across all the states and territories since that time.
As the most effective way to educate students about financial matters is to incorporate teachings within the existing curriculum, up until now consumer and financial literacy has been taught as part of Mathematics, English, Science, ICT, Civics and Citizenship, and Studies of Society and the Environment.
With the introduction of the Australian Curriculum this cross-curriculum approach is set to continue. Over the past 12 months, ASIC has worked hard to ensure that consumer and financial literacy is included in the new Australian Curriculum initially in English, Mathematics and Science.
However, as well as being taught across the curriculum, consumer and financial literacy will eventually have its home in Economics/Business when this curriculum is released in Stage 3.