QETA 2014 State Conference The Australian Curriculum: Economics and Business Bronwyn Hession

So what? Is it ‘business as usual’? ( or ‘economics as usual’)? What is new? What is different? What new opportunities does the curriculum provide? What pedagogies are most effective? Will resources shape the learning? Will assessment shape the learning?

‘In addition, some of the content is not needed in primary classrooms. We do not believe, for example, that Economics and Business is an appropriate standalone subject for primary school children’. ‘Primary school principals say Australian Curriculum is overcrowded’ Australian Primary Principals Association, Media release 5 March 2014

‘ By the age of seven years, several basic concepts relating broadly to later ‘finance’ behaviours will typically have developed’. Habit formation and Learning in Young Children, Whitebread and Bingham, University of Cambridge 2013 for The Money Advice Service, UK.

Impact of the cashless society ? ‘While children are earning and saving money much earlier than their parents did, the virtualisation of money is making it harder for children to learn its value’. Commonwealth Bank Survey of 1000 parents Media Release 3 February 2014

O O JAMES, AGE 7

James and the value of money QUESTION. James, how much money do you think a lot of money is? ANSWER. Maybe… a dollar? QUESTION. James, why do you think a dollar is a lot of money? ANSWER. ( with wide eyes…) Because one dollar is one hundred cents !.... And two dollars is two hundred cents ! (proudly)

Key features/constructs Context of the Melbourne Declaration: ‘Humanities and social sciences (including history, geography, economics, business, civics and citizenship)’

Economics AND Business? O Economics as the ‘discipline; and ‘business’ as the applied body of knowledge O Our construct – but how does it impact on how children learn and what is important to learn? O Balance a contentious issue during the consultation

‘Four key organising ideas’ - 1. Resource allocation and making choices 2. The business environment 3. Consumer and financial literacy* 4. Work and work futures

ASIC’s National Framework 2011 ‘The strong links throughout the Curriculum to the National Consumer and Financial Literacy Framework (Framework) need to be supported by mention of the Framework in the Rationale as a key policy document used to develop the Curriculum.’ 1_financial_literacy_framework_homepage, html

Focus on economic and business decision making: O How decisions are made O Factors influencing decisions O Impact of decisions O Futures orientation (‘intergenerational equity’/sustainability) O ‘Conscience’

Focus on economic and business decision making (continued) O Contribution/links to civics and citizenship O Contemporary issues, events, case studies O Transferable skills O local, national, regional, global contexts

Some questions……… O F – 4 ? Assumed knowledge (skills, dispositions, behaviours) O Year 5- 8 compulsory? 9 and 10 optional? O Links to Mathematics ? For example Year 5 Mathematics: ‘create simple financial plans’ Year 7 Economics and Business: ‘create simple budgets’

Concept dense

Infographic: The Most Popular Words In Music Of The Past 50 Years Nikolay Lamm, History of Music Project LOVE LONELY BABY HOME

Sequencing of the content O Year 5: ‘everyday life’ – person and community; needs and wants; limited resources; factors influencing choice O Year 6: impact of the choices we make; introduction of business – why and how businesses do what they do O Year 7: ‘market’; ‘entrepreneurial behaviour’ and business success; types of work

Contentious issues? O Work: Representation of work at various year levels; essential understandings about work; lack of relationship of work to other areas of the content ( ‘an after thought’ – to appease……..?????) O Entrepreneurial behaviours/capabilities: from ‘under-kill’ to ‘over-kill’? ( to appease……????)

Sequencing of the content O Year 8: markets in Australia – including traditional Aboriginal and Torres Strait Islander markets; government influence; types of businesses; nature of work now and in the future O Year 9: Australian economy, Asia, global economy; financial risks and rewards – Australian and global economy; global workplace

Sequencing of the content O Year 10: performance of the Australian economy; government economic management; living standards; business and productivity; workforce management and business performance. YEARS 5 – 10 : A PATHWAY TO……..??????

Some ‘unofficial’ NSW data O In 2013, of the students who studied Preliminary ( Year 11) Economics, 64% had completed Commerce. O Of the students who achieved a ‘grade A’ in Year 11 Economics, 73% had completed Commerce in the previous year.

Economics and Business Skills O Questioning and research O Interpretation and analysis O Economics reasoning, decision-making and application (‘students make informed decisions…’) O Communication and reflection How are these skills represented in other curriculum areas? How are these skills represented in the Achievement Standards?

Challenges for writers ? 1. Economics/Business/Accounting/other interests in advisory groups 2. Timelines for delivering the curriculum 3. Economics/Business balance 4. Cross curriculum priorities – forced or natural ? 5. Keeping the ‘big ideas’ alive 6. National consensus

“Unless we have (financial literacy) embedded in the curriculum, we can’t be sure that the people who need it will get it.” Dr Helen Roberts, Director, US Centre for Economics Education, February center/financial- education/Documents/CEE%20presentation. pdf

OECD Financial Education in Schools education/ O Principles and Good Practices for Financial Education and Awareness: ‘financial education should start as early as possible and be taught in schools’ ( 2005) O 2012 PISA Assessment of the financial literacy of students: due for release later in 2014 O 2012 APEC endorsement of OECD’s National Strategies for Financial Education

‘StartSmart’: A case study in financial education t-programs/ O Commonwealth Bank Foundation initiative 2007; primary and secondary students O Evidence base: metacognition; cognitive development O Key features: interactive workshop, dynamic facilitators, additional resources, no cost O ACER research looked at impact on attitudes to financial concepts; levels of financial knowledge; behavioural intentions; confidence and self efficacy in managing finances.

ACER research findings O Greatest impact: financial knowledge and behavioural intention O Weakest impact: confidence/self efficacy O Does knowledge change behaviour? O ‘Behavioural economics’ as a discipline in its own right is increasingly a focus of government regulation and business strategies (Nudge- Sunstein and Thaler) policy/flyer%20Behavioural%20economics.pdf

Habit Formation and Learning in Young Children Whitebread and Bingham, University of Cambridge for The Money Advice Service, UK Children are essentially social learners; they acquire cultural practices effortlessly and gradually assimilate values, attitudes, standards, norms, knowledge and behaviours that contribute to their financial well being. 2. Participating in financial activities with an adult provides meaning and motive. 3. Strategies that support acquisition of new knowledge and skills include co-operative group work, self explanations of reasoning, self assessment, and debriefing.

Economics and Business Curriculum: rationale - enables students to understand the process of economic and business decision making, its effects on themselves and others, now and in the future - encourage students to participate in and contribute to the economy - learn about decision making at the personal, local, national, regional and global level

And……………….. - students are encouraged to develop enterprising behaviours and capabilities such as embracing change, seeking innovation, working with others, showing initiative, flexibility and leadership, using new technologies, planning and organising, managing risks and using resources efficiently - identify and investigate contemporary economic and business issues or events; - actively and effectively participate in economic and business activities - contribute to the development of prosperous, sustainable and equitable Australian and global economies, and to secure their own financial well being.

Remember James?

For your deliberations today……. O What is new? O What is different? O How can we best realise this unique and powerful ‘entitlement’ of learning about Economics and Business for every child? O What will James need to know and be able to do to grow and thrive and survive, to contribute and participate, and to be a successful and good human being?