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Existing financial education learning frameworks

Financial education learning framework in Australia

History of the development of the framework

The Australian National Consumer and Financial Literacy Framework was first developed under the auspices of the then Ministerial Council for Education, Employment, Training and Youth Affairs in 2005 in response to a number of reports highlighting the need to improve Australian consumer and financial competencies. The approval of the National Framework through the Ministerial Council marked the starting point for national integration of consumer and financial literacy education in school curricula, with all ministers agreeing to make links with their state and territory curriculum frameworks in the compulsory years of schooling (Kindergarten - Year 10) from 2008.

With the growing international emphasis on financial education as a result of the global financial crisis and following the negotiation of new national goals for schooling in 20083, the National Framework's Rationale was updated in 2009. The advent of the national Australian Curriculum, which is being phased in over 2011-20164, prompted a second and more comprehensive review of the Framework in 20115 to ensure the dimensions and progression of student learning were better aligned with the new curriculum. These changes to the Framework were agreed by all education jurisdictions.

The development of a common Australian Curriculum provides an opportunity to achieve strengthened presence of consumer and financial literacy in schools and a measure of consistency in the curriculum links made. However states and territories will continue to have some flexibility in implementing the new Australian Curriculum.

Dimensions of financial education in the National Consumer and Financial Literacy Framework (2011)

There are three interrelated dimensions of learning that underpin consumer and financial education in the Australian context:

  • • Knowledge and Understanding;
  • • Competence; and,
  • • Responsibility and Enterprise

Knowledge and understanding

Students learn about the nature, forms and value of money; income and expenditure; and language commonly used in a range of consumer and financial contexts. They understand that money can come from a variety of sources and is used to meet and finance our needs and wants, now and in the future. Students develop a critical appreciation of the factors that affect consumer choices, including the impact of advertising, information communications technology (ICT) and media. They develop knowledge and understanding of consumer rights and responsibilities, the legal rights and responsibilities of business regarding goods and services provided to consumers, and the risks and complexities in the consumer and financial landscape. Students learn to identify scams and other risks and understand options for seeking advice or redress in consumer and financial contexts.

 
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