Treasurer announces new Financial Literacy Challenge in schools

CCCPC President, Sharryn Brownlee

The Central Coast Council of P & Cs (CCCPC) has welcomed a new initiative to be rolled out in NSW schools from Term Three aimed at increasing students’ financial literacy.

The new Treasurer’s Financial Literacy Challenge, similar to the Premier’s reading challenge, will encourage children to develop positive money habits.

It was announced on June 11 by State Treasurer, Dominic Perrottet, and Minister for Education, Sarah Mitchell.

Perrottet said each year students would be challenged with new financial literacy concepts at school providing them with practical knowledge around managing their own finances and its connection to real life.

“This challenge will inspire lifelong skills and behaviours that will better prepare children to participate safely and effectively in the real world,” he said.

“We know when children have a strong foundation in financial literacy, they are less likely to fall into financial traps, particularly early on in life, helping them build a stronger future for themselves.

“The challenge is designed to make managing personal finances accessible for all students, to give every student a chance to perform simple calculations with money and solve simple purchasing problems.

“Starting early with students as young as five means they will develop good habits to make decisions that will benefit their financial future.”

Mitchell said the challenge will give students a taste of saving money, budgeting and experience how that can impact them in real life.

“Schools play an important role in familiarising students with ideas about managing their personal finances,” she said.

“We will work with ASIC to develop the challenge using their MoneySmart teaching and learning resources, with an aim to run a pilot in schools in Term 3.”

CCCPC President, Sharryn Brownlee, said the Government had been listening to the community, which has been saying that there needs to be a stronger focus on financial literacy.

“Too many children leave school with no real-life financial knowledge,” Brownlee said.

“They need to understand phone plans, interest rates, car loans, etc.

“This is an excellent initiative we look forward to supporting.”

Terry Collins