Learning outcomes

The framework provides “descriptions of learning” for each of the dimensions at four year levels. These are described in terms of learning outcomes. It is envisaged that the descriptions of learning in the National Consumer and Financial Literacy Framework will need to be revised in due course to accommodate links made with the new Australian Curriculum.

Year 2

Knowledge and understanding Students can:

  • • recognise Australian money includes notes and coins;
  • • recognise that money is limited and comes from a variety of sources;
  • • recognise that money can be saved to meet needs and wants;
  • • explain how money is exchanged in return for goods and services;
  • • identify and describe the differences between needs and wants.

Competence Students can:

  • • use money to buy basic goods and services in “real-life” contexts;
  • • recognise common symbols and terms used on a variety of Australian notes and coins;
  • • identify consumer and financial matters that are part of daily life such as earning money, spending, saving, paying bills, making donations;
  • • compare the cost of similar items;
  • • order spending preferences and explain reasons for their choices;
  • • describe how advertising can influence consumer choices.

Responsibility and enterprise Students can:

  • • identify simple ways the consumer decisions of individuals may impact on themselves, their families, the broader community and/or the environment;
  • • identify and explain how peer pressure can affect what you buy;
  • • apply consumer and financial knowledge and skills in relevant class and/or school activities such as student investigations, charity fundraising, business ventures and special events; [1]
  • • demonstrate awareness of safe, ethical and responsible behaviour in online and digital consumer and financial contexts;
  • • demonstrate awareness that family, community and socio-cultural values and customs can influence consumer behaviour and financial decision-making.

Year 4

Knowledge and understanding

Students can:

  • • explain some different forms that money can take;
  • • identify different forms of income;
  • • explain the role of work in society and distinguish between paid and unpaid work;
  • • explain how saving money in a financial institution can earn interest;
  • • explain why similar goods and services may vary in price;
  • • identify, explain and prioritise different needs and wants;
  • • recognise that different countries use different currencies.

Competence

Students can:

  • • use money to buy basic goods and services in “real-life” contexts;
  • • create simple budgets for specific purposes;
  • • accurately complete simple financial forms, including for online transactions;
  • • classify and compare goods and services;
  • • order and discuss reasons for spending preferences;
  • • discuss some options for paying for goods and services such as: cash, debit card, credit card and direct debit;
  • • identify key features of a range of advertisements.

Responsibility and enterprise

Students can:

  • • identify and describe the impact that the consumer and financial decisions of individuals may have on themselves and their families, the broader community and/or the environment;
  • • identify and explain how some influences, such as advertising and peer pressure, can affect what you buy; [2]
  • • exercise a range of enterprising behaviours through participation in relevant class and/or school activities;
  • • describe safe, ethical and responsible behaviour in online and digital consumer and financial contexts;
  • • explain the role played by the voluntary sector in the community to help those in financial need;
  • • demonstrate awareness that family, community and socio-cultural values and customs can influence consumer behaviour and financial decision-making.

Year 6

Knowledge and understanding

Students can:

  • • explain how financial transactions can include using more than notes and coins;
  • • describe how an individual can influence their income;
  • • explore the value of unpaid work to the community;
  • • recognise that families use household income to meet regular financial commitments and immediate and future expenses;
  • • analyse the value of a range of goods and services in relation to an identified need;
  • • identify and discuss some rights and responsibilities of consumers and business;
  • • explain how money can be borrowed to meet needs and wants and that there may be a cost involved;
  • • recognise that the currencies of different countries have different values relative to the Australian dollar.

Competence

Students can:

  • • use a range of methods and tools to keep financial records in “real-life” contexts;
  • • create simple budgets for a range of purposes and explain the benefits of saving for future needs and wants;
  • • accurately complete and explain the purpose of financial forms, including for online transactions;
  • • evaluate the value of a range of goods and services in a variety of “real-life” situations;
  • • order and justify reasons for spending preferences;
  • • discuss various payment options for purchasing goods and services such as: cash, debit card, credit card, direct debit and PayPal;
  • • interpret information from a variety of invoice accounts including information presented graphically such as in electricity accounts;
  • • identify key features used in advertising, marketing and social media to influence consumer decision-making.

Responsibility and enterprise

Students can:

  • • identify and describe the impact that the consumer decisions of individuals may have on themselves and their families, the broader community and/or the environment;
  • • examine and discuss the external factors that influence consumer choices;
  • • explain there are ethical considerations to some consumer and financial decisions;
  • • apply 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;
  • • exercise a range of enterprising behaviours through participation in relevant class and/or school activities;
  • • practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts;
  • • recognise that satisfaction derived from spending money varies according to the nature of the purchase, the context in which it is bought and an individual’s personal circumstances and values;
  • • recognise that matching household expenditure against income is important;
  • • explain the role played by the voluntary sector in the community to help those in financial need; [3]
  • • research, identify and discuss the legal rights and responsibilities of business regarding goods and services provided to consumers;
  • • identify implications of “terms and conditions” such as fees, penalties, interest and warranties;
  • • identify and discuss the different forms of “credit” and costs involved;
  • • analyse and explain the range of factors affecting consumer choices;
  • • identify where to access reliable information and advice concerning the rights and responsibilities of consumers and business;
  • • identify the risks within the consumer and financial landscape such as scams, identity theft, fraudulent transactions and ways of avoiding these.

Competence

Students can:

  • • use a range of methods and tools to keep financial records in “real-life contexts”;
  • • create simple budgets and financial records to achieve specific financial goals;
  • • compare income, spending commitments and life-styles at different stages of life;
  • • accurately complete and explain the purpose of a range of financial forms, including for online transactions;
  • • determine the value of “deals” when purchasing goods and services such as “buy one, get one free”;
  • • determine and compare the actual cost of using different ways of paying for goods and services such as cash, credit, lay-by and loans;
  • • justify the selection of a range of goods and services in a variety of “real-life” contexts;
  • • convert from one currency to another in “real-life” contexts;
  • • explore the pros and cons of a range of payment options for goods and services such as: cash, debit card, credit card, direct debit, PayPal, BPay, pre-pay options, phone and electronic funds transfer;
  • • explain procedures for safe and secure online banking and shopping;
  • • identify and take precautions to prevent identity theft and explain what to do if this happens to them;
  • • access and evaluate information on strategies to resolve consumer disputes;
  • • identify and explain marketing strategies used in advertising and social media to influence consumer decision-making.

Responsibility and enterprise

Students can:

• explain how individual and collective consumer decisions may have an impact on the broader community and/or the environment;

  • • apply informed and assertive consumer decision-making in a range of “real-life” contexts;
  • • discuss the legal and ethical issues associated with advertising and providing goods and services to consumers;
  • • apply 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;
  • • exercise a range of enterprising behaviours through participation in relevant class and/or school activities;
  • • practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts;
  • • recognise the importance of planning for their financial futures and appreciate that sacrificing current expenditure can bring long-term benefits;
  • • recognise that people have different ways of living and expectations according to their values and/ or financial situation;
  • • recognise that their ability to make informed decisions about personal finance and financial products is strengthened by finding and evaluating relevant information and accessing reliable advice;
  • • explain the role of banks and other deposit-taking institutions (such as building societies and credit unions) in providing financial products and services to individual consumers and business;
  • • explain the role played by governments and the voluntary sector in the community to help those in financial need and explore the cost benefit to the economy;
  • • demonstrate awareness that family, community and socio-cultural values and customs can influence consumer behaviour and financial decision-making.

Year 10

Knowledge and understanding

Students can:

  • • identify and explain strategies to manage personal finances;
  • • explain the different ways in which people are paid including wages, salaries, commissions, self-employment and government benefits;
  • • identify and explain common terminology and categories for deductions used on pay slips;
  • • explain the various factors that may impact on achieving personal financial goals;
  • • discuss why some goods and services are provided by Government for community benefit and how these are funded; [4]
  • • analyse and explain the range of factors affecting consumer choices;
  • • discuss and compare different sources of consumer and financial advice;
  • • identify types of consumer and financial risks to individuals, families and the broader community, and ways of managing them.

Competence

Students can:

  • • use a range of methods and tools to keep financial records in “real-life contexts”;
  • • create simple budgets and financial records to achieve specific financial goals, now and in the future;
  • • investigate the financial decisions required at significant life-stage events;
  • • accurately complete and explain the purpose of a range of financial forms, including for online transactions;
  • • discuss the differences between “good” and “bad” debt, including manageability of debt and its long-term impact;
  • • analyse relevant information to make informed choices when purchasing goods and services and/ or to resolve consumer choices;
  • • compare overall “value” of a range of goods and services using IT tools and comparison websites as appropriate;
  • • convert from one currency to another in “real-life” contexts;
  • • evaluate the range of payment options for goods and services such as: cash, debit card, credit card, direct debit, PayPal, BPay, pre-pay options, phone and electronic funds transfer across a variety of “real-life” contexts;
  • • explain procedures for safe and secure online banking and shopping;
  • • identify and take precautions to prevent identity theft and explain what to do if this happens to them;
  • • explain the procedures for resolving consumer disputes relating to a range of goods and services;
  • • evaluate marketing claims, for example in advertising and in social media, to influence consumers to purchase a range of goods and services.

Responsibility and enterprise

Students can:

• research and identify the ethical and moral dimensions of consumer choices in specific circumstances and the consequences for themselves, their families, the broader community and/or the environment; [5]

  • • apply informed and assertive consumer decision-making in a range of “real-life” contexts;
  • • research and discuss the legal and ethical rights and responsibilities of business in advertising and providing goods and services to consumers;
  • • apply 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;
  • • exercise a range of enterprising behaviours through participation in relevant class and/or school activities;
  • • practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts;
  • • appreciate that there is often no one right answer in making financial decisions because these depend on individual circumstances, preferences and values;
  • • understand and explain the legal responsibilities of taking on debt, including the consequences of not paying;
  • • explain how, as financially active citizens, they fit into the broader economy and society through:
    • - generating income and paying taxes
    • - saving
    • - spending
    • - donating
    • - investing
  • • explain the role of banks and other deposit taking institutions (e.g. credit unions, building societies) in collecting deposits, pooling savings and lending them to individuals and business;
  • • explain the role played by governments and the voluntary sector in the community to help those in financial need and explore the cost benefit to the economy; [6]

services). The DfE also undertook a review of the non-statutory subject Personal Social, Economic and Health Education (PSHE), confirming that financial education would also remain a key component of this subject covering economic wellbeing and financial capability.

In primary schools, the new national curriculum will require some financial education to be covered in maths including understanding the value of different denominations of coins and notes and solving simple problems in a practical context involving money. The subjective side of financial education is taught in many primary schools through the nonstatutory PSHE subject with the broad guideline that pupils should be taught to realise that money comes from different sources and can be used for different purposes.

Pfeg has produced a Secondary Planning Framework to support the teaching and assessment of financial education in the secondary phases of education across the United Kingdom in light of recent changes6. It is worth noting that this learning framework also takes into account the participation of England to the OECD Programme for International Student Assessment (PISA) Financial Literacy Option in 2015, and has been designed to cover all the areas of the PISA Financial Literacy Framework (OECD, 2013).

Even prior to the current revision of the Curriculum, the United Kingdom Government had set out its long-term aspiration to improve financial literacy in the United Kingdom including that every child has access to a planned and coherent programme of personal finance education in school. In July 2008, the Government and the Financial Services Authority (FSA) devised a joint action plan for financial literacy which included a significant programme of work to support personal financial education in schools.

This brought to the development of the 2008 English financial education framework, “Guidance on Financial Capability in the Curriculum: Key Stage 3 and 4”, which was developed by the Department for Children, Schools and Families (DCSF, the predecessor of the DfE). It was a response to the push for the inclusion of financial education in schools by the Government and the FSA.

This framework, although not applicable anymore due to changes in the national curriculum, can be a good example to policy makers and education practitioners. The current revised national curriculum reflects the essential knowledge in key subjects that children should learn, giving teachers more autonomy to use their professional judgment to design curricula that meet the needs of their pupils.

The framework originally produced by DCSF in 2008 is provided below for reference.

  • [1] demonstrate enterprising behaviours through participation in relevant class and/orschool activities;
  • [2] apply consumer and financial knowledge and skills in relevant class and/or schoolactivities such as student investigations, charity fundraising, business venturesand special events;
  • [3] demonstrate awareness that family, community and socio-cultural values andcustoms can influence consumer behaviour and financial decision-making. Year 8 Knowledge and understanding Students can: • identify and explain the importance of tracking and verifying transactions andkeeping financial records to manage income and expenses; • identify and discuss casual employment opportunities that can earn income; • identify the role of casual employment in the community and some associatedrights and responsibilities; • explain why it is important to set and prioritise personal financial goals; • research, identify and discuss the rights and responsibilities of consumers in arange of “real-life” contexts;
  • [4] explain how over-reliance on credit can impact on future choices;
  • [5] explore the economic cost of individual and collective consumer decisions on thebroader community and the environment;
  • [6] demonstrate awareness that family and socio-cultural values and customs caninfluence consumer behaviour and financial decisions. Financial education learning framework in England, United Kingdom History of the development of the framework In England the National Curriculum is set by the Department for Education (DfE). Arevised National Curriculum was published in September 2013 and will be taught fromSeptember 2014. The new curriculum for England, to be implemented as of September 2014, willrequire financial education to be taught in English secondary schools in Maths (throughfinancial mathematics) and Citizenship (covering the functions and uses of money, theimportance of personal budgeting, and managing risk, income and expenditure, credit anddebt, insurance, savings and pensions, as well as a range of other financial products and
 
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