School students on the Coast can undertake the new Treasurer’s Financial Literacy Challenge to understand the costs of real-life financial decisions.
The challenge, developed in partnership with the Australian Securities and Investments Commission (ASIC), is intended to encourage children to develop positive money habits and increase their financial literacy.
NSW Treasurer, Matt Kean, said financial literacy was crucial to children’s future success.
“Understanding the cost of purchases will arm students with healthy money habits to achieve their goals now and into the future.
“Students will be able to complete a persuasive writing task, writing a letter to mum or dad convincing them they know how to pay for the costs associated with a pet or a car,” Kean said.
Students will learn how to navigate the financial costs of becoming either a pet owner or a car owner to complete the challenge.
They will consider other factors in addition to initial purchasing costs, such as ongoing costs and unexpected expenses, and the value of proper planning and budgeting.
NSW Minister for Education, Sarah Mitchell, said students would use their knowledge of financial costs to develop a savings plan using ASIC’s Moneysmart savings calculator.
“The activities in the Treasurer’s Financial Literacy Challenge are aligned to the NSW Mathematics and English K-10 syllabus,” Mitchell said.
“As a new dog owner myself, my kids and I know there are a number of upfront and ongoing costs of a new furry family member, and I think students can learn a lot through these real-world scenarios.
“The challenge will help the next generation be as adept with their money as they are with their digital devices,” she said.
Students from all schools in Year 5 to 8 can enter the challenge for the remainder of Term 4 and will be issued with a certificate when they have completed the challenge.
The challenge replaces school banking programs, which from 2022 will no longer be run in NSW schools.
Students can find the NSW Treasurer’s Financial Literacy Challenge at www.education.nsw.gov.au/finlit-challenge.
Primary information source: Media release, Oct 24, NSW Treasurer, Matt Kean