In 2005, the Australian Government established the Financial Literacy Foundation within the Department of Treasury to raise awareness of consumer issues and encourage all Australians to better manage their money. From July 2008, the responsibility for financial literacy policy and the functions of the Financial Literacy Foundation moved to the Australian Securities and Investments Commission (ASIC).
In 2007-09, the Australian Government funded the development and implementation of a national professional learning programme for teachers. The professional learning package comprised a facilitator guide (notes and multimedia supports), a teacher guide and a DVD designed to raise awareness among teachers about the National Consumer and Financial Literacy Framework and assist them to build their understanding of the context for consumer and financial literacy in schools with particular emphasis on integration within the existing state and territory curricula.
A website for educators was established at that time. This website was re-developed by ASIC in 2011-12 to become the MoneySmart Teaching website - a hub of free financial literacy resources and professional learning materials for educators (www.teaching.moneysmart.gov.au). Resources on the MoneySmart Teaching website include digital activities and videos for use in the classroom, developed by ASIC and a range of providers such as other government departments, consumer protection agencies, banks and other financial institutions. Teachers can search for resources by year level, learning area, audience and resource type.
The website also houses the MoneySmart Teaching materials developed by ASIC:
- • MoneySmart Teaching professional learning packages for primary and secondary schools. These packages include a Facilitator Guide, professional learning workshops to embed financial literacy teaching across a learning area, a faculty and the whole school, a Teacher Guide, and units of work mapped to the Framework and Australian Curriculum.
- • Information about how to become a MoneySmart School.
- • A suite of interactive digital resources (for computers, iPads and interactive whiteboards) which complement the units of work and can also be used as standalone resources.
- • High-value videos for use in the classroom and for professional learning.
- • A personal financial learning programme (video, newsletter, podcasts).
- • Two interactive online professional learning modules for teachers.
Over 8 000 teachers across Australia have been trained so far using the MoneySmart Teaching Primary and Secondary professional learning packages across over 90 schools who were involved in trialling the units of work developed to support teachers. ASIC aims to reach 24 000 teachers over the next few years.