Starting Young: Financial Literacy in the 21st Century Nicki Goldspink Chaffey Narranga Public School nicki.chaffey@det.nsw.edu.au

My Story Now Assistant Principal Instructional Leader MoneySmart Facilitator Winner of First State Super Financial Literacy Scholarship Mum of Four Before Bach. of Commerce (Accounting & Taxation) Senior Analyst BHP Billiton Certified Practicing Accountant http://www.nbnnews.com.au/2016/08/30/coffs-harbour-teacher-awarded/

What are the qualities of a consumer and financially literacy person? SO, what are we talking about here? What are the qualities of a consumer and financially literacy person?

Consumer and financially literate people are: “Individuals who have the ability to apply knowledge, understanding, skills and values in consumer and financial contexts to make informed and effective decisions that have a positive impact on themselves, their families, the broader community and the environment.” Source: National Consumer and Financial Literacy Framework, Ministerial Council for Education, Early Childhood Development and Youth Affairs (MCEECDYA), 2011 Read definition from the National Consumer and Financial Literacy Framework. Ask the participants how this compares with the kinds of qualities they talked about in their discussion. Using the definition, there are three questions to put to participants. These questions in blue, will come on screen with each click. Give participants five minutes to discuss with someone next to them. Take one or two questions from the floor to build a sense of the conversation in the room. Notes below: These ideas support discussion on the definition of consumer and financially literate people. Being consumer and financially literate: Is more than knowing about money and financial matters Involves having confidence and capacity to apply this knowledge and skills across a range of consumer and financial contexts Includes being able to identify opportunities and act with awareness of the risks and responsibilities of your actions Is also about making ethical decisions that have an effect on others: being a responsible consumer, donating to a cause that helps the community or those in need. Financially literate people know about: Planning; Spending wisely; Saving; Investing and Donating. One of the aspects that is often a useful question to raise for people, is the idea of financially literate in what world? The real world or the digital world? Teachers can sometimes be very locked into the “coins and notes” part of the Mathematics curriculum, rather than thinking more broadly about the range of ways that children and adults engage with the “concepts” of money in a digital world. Eg; do they know if any of their children or young people have “money/credit” in online settings, do any of their children or young people generate income online? Do they have paypal accounts or Bitcoins? Do they see the “credit” they generate and spend online as being of value? This often generates conversations about people’s own levels of financial literacy and their understandings about the ways in which the financial world has changed in recent years. You may sometimes hear the term ‘financial literacy’ rather than ‘consumer and financial literacy’. With any financial decision that you make there is a consumer element to it. So ‘consumer’ and ‘financial’ literacy are interdependent. Use your own example or use this one. For example, even making a purely financial action such as transferring money to a term deposit demonstrates consumer literacy; you have choices on a number of different term deposit options as well as other investment opportunities to consider. There is also the possible sacrifice you make in delaying gratification on some of your needs or wants. Using this definition: How many of the children and young people you work with would be considered to be consumer and financially literate people? How do you know? What questions does this definition raise for you?

Money makes the world go around Why does this matter now? Money makes the world go around

http://info.everfi.com

http://info.everfi.com

National consumer and financial literacy framework Knowledge and understanding money and consumer decisions Competence applying knowledge Responsibility and enterprise making choices

Progression of learning

Changing world of consumerism What do the experts think? Paul Clitheroe Chairman, Australian Government Financial Literacy Board and Financial Commentator Changing world of consumerism

What are the benefits? Students: Teachers: Building capability: confidence, knowledge, resources Wellbeing: personal learning, reflective practice, financial health Leadership: professional learning, school journey, development of a learning culture in the school Develop consumer and financial literacy capabilities Demonstrate responsible consumer and financial literacy behaviours characterised by informed decision making. Real financial contexts for learning

So what does this mean for you as a teacher ? As a teacher of students from Kindergarten to Year 6 have you considered incorporating: The National Consumer and Financial Literacy Framework Real life contexts for learning Innovation and enterprising behaviours STEM or STEAM activities Read the header and the questions as a linking statement to the following slides

MoneySmart Teaching https://www.moneysmart.gov.au/teaching

Primary units

Digital and online resources Lower primary Goods and services Money match Needs and wants Pay the price Middle primary Money maps Money and people Party time Fun day out Our big weekend adventure Helping out Lower secondary Mobile - Social media Mobile - Premium services Mobile - Advertising Mobile – Consumer rights Mobile - Security Upper primary Mobile - Choosing a plan Mobile - Mobile phone advertising Mobile - Mobile credit Mobile - Calls, messaging and browsing Mobile - Security Mobile - Entertainment

How does it look in the classroom? https://www.filmpond.com/#/ponds/narrangaps

MoneySmart – consumer website https://www.moneysmart.gov.au

Families

Tools and resources

Professional learning online

MoneySmart Teaching personal learning program Financial Health for Teachers MoneySmart Teaching personal learning program designed to inspire and empower teachers aims to help teachers feel confident with money

In Summary – Best Practice Financial Literacy Education must be… http://info.everfi.com

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Questions?

Thank You