Literacy and numeracy aren’t the only core life skills that children need to develop. In fact, one of the most valuable skills we can pass onto our children is good money management. Who is responsible for teaching financial literacy though?
Schools should teach kids how to manage money
The development of a national teaching program developed by ASIC, Australia’s corporate and financial services regulator is one way that schools can support financial literacy. With their MoneySmart teaching program currently being trialled in Victoria, the program provides a toolbox of resources and lessons for teachers that about help students learn about money in their everyday experiences. Read more about the discussion in this article Class credit for making sense of dollars which provides perspective on a national financial curriculum.
It’s every parent’s obligation to teach their child about money
But since it is widely accepted that the greatest influence on student learning is from the home, surely it’s a parent’s responsibility to provide a sound financial education for their children. ASIC provides support to parents with their Piggy Bank Basics.
- Start early
- Encourage saving
- Pay pocket money for doing jobs around the house
- Show children how to budget
- Help older kids get a part-time job
Tell us how you help your child’s financial literacy – do you model great behaviour or do you expect the education system to pick up the tab?