Students learn to appreciate that money is a finite resource and needs to be managed. In a variety of “real-life” contexts, they learn to use a range of practical tools and strategies (including IT, digital and online tools) to keep financial records, manage their finances on a daily basis, and to plan for the future. They understand the need to balance risk against reward and learn to work out “best value” when purchasing a range of goods and services and choosing financial products. They learn to discriminate between fact and opinion and to evaluate the claims made in advertising. Students also become alert to risks in a range of consumer and financial contexts and learn ways to manage these effectively.
Responsibility and enterprise
Students explore what it means to be a responsible and ethical consumer and learn how business has legal and ethical responsibilities towards consumers. They examine and reflect on their own roles as producers and consumers of goods and services and how this role fits into the broader national and global economic and social contexts. Students also explore the roles that socio-cultural influences and personal values play in consumer and financial decision-making and learn that there are often consequences of consumer and financial decisions that may impact not only on individuals, and their families but also on the broader community and the environment. Students exercise personal and shared responsibility and develop enterprising behaviours through the application of consumer and financial knowledge and skills in relevant class and/or school activities such as student investigations, charity fundraising, product design and development, business ventures and special events.