Developing MoneySmart Apprentices SKILLING FOR GROWTH 2016 Group Training National Conference Adelaide | 8 April 2016 Laura Higgins, A/g Senior Manager Teaching and Learning | Financial Literacy

ASIC’s role and engagement in financial literacy ASIC’s MoneySmart website Resources to support Australian Apprentices 2 Overview

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ASIC is the Australian Government agency with responsibility for financial literacy Promoting investor and financial consumer trust and confidence –Education - through our financial literacy work –Holding gatekeepers to account –Consumer behaviour Ensuring fair, orderly and transparent markets Providing efficient and accessible registration 4 ASIC priorities

A national roadmap and framework for action launched in August 2014 Lead and coordinated by ASIC – extensive consultation with stakeholders Aims to improve the financial wellbeing of Australians by advancing their financial literacy National Financial Literacy Strategy (NFLS) 5

ASIC’s MoneySmart website ASIC’s consumer website launched March 2011 Provides free, impartial information, guidance and tools you can trust moneysmart.gov.au –Tools and resources Superannuation information –MoneySmart Teaching program 6

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8 Life events & you

9 Superannuation

Impact of ASIC’s MoneySmart 9 in 10 visitors say they took a positive action to improve their finances 10

ASIC’s MoneySmart Teaching program More than 14,000 Teachers participated in professional learning 1/3 of Australian schools engaged in the program 11

12 ASIC’s Be MoneySmart resources

Research undertaken in 2012 included: online survey with (apprentices, trainees and field workers) phone interviews with key stakeholders including: –Group Training Organisations –Industry Skills Councils –Industry Associations –Business Enterprise Centres 13 Developing ASIC’s Be MoneySmart

Key findings 14

ASIC worked closely with IBSA and a steering group Based on the research, two new competencies were drafted and submitted for endorsement –Cert III – Be MoneySmart (FNSFLT301) –Cert IV – Be MoneySmart through a career in small business (FNSFLT401) Endorsed by the National Skills Standard Council (NSSC) in June Now the Industry and Skills Council Advisory Committee Competency development and endorsement 15

FNSFLT301 Be MoneySmart. (Certificate III) Specifically intended to equip young people in training with the knowledge and skills to effectively manage personal finances FNSFLT401 Be MoneySmart Through a Career in Small Business (Certificate IV) Aims to provide the necessary financial literacy knowledge and skills for newly qualified trades persons to make informed decisions about self-employment and business start-up 16 Units of Competency

17 ASIC’s Be MoneySmart resource Current and relevant information Simple, clear, engaging online learning, real life scenarios Access to a mentor 5 online video-based modules o Saving, budgeting and spending o Personal tax o Superannuation o Debt management o Insurance

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ASIC’s Be MoneySmart can be: –imported as an elective into other training packages –completed as accredited or non-accredited training For accredited: –must be delivered through an RTO scoped to deliver the competency and all five modules need to be completed For non-accredited: –modules can be completed individually, either one or more to support differing learning needs Delivery modes 21

Student workbooks for each module available in PDF and Word Student activities for each module are mapped to the unit of competency and are in the student workbook and assessor guide Assessor guide with answers, covering the 5 modules Provided by online request to Money Smart Teaching Supported by an online ACER assessment for each module via registered log in. Supporting Materials 22

Professional Learning module to support delivery of ASIC’s Be MoneySmart Be MoneySmart Through a Career in Small Business resources –App for young people considering small business –Web resource to support unit of competency In development 23

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