Free financial education courses to tackle declining financial literacy rates in Australian Children
As the new school year begins, Financial Basics Foundation is proud to announce the launch of Cashed Up, a suite of free financial literacy courses designed for high school students across Australia. Cashed Up proudly supported by Australian Retirement Trust, is aimed at tackling the concerning decline in financial literacy rates among young Australians by equipping them with essential, real-world financial skills.
Despite elements of financial literacy being included in the national curriculum, there is no consistent delivery approach nationwide. Cashed Up bridges this gap with four comprehensive online courses available now and two to be released later in the year, freely available to all Australian students. The program covers foundational financial concepts, from managing money and understanding employment to preparing for adult responsibilities.
Research shows that introducing financial literacy early in life results in better long-term financial outcomes. Studies indicate that young Australians aged 15 to 24 exhibit some of the lowest levels of financial literacy, underpinning a consistent need for effective financial education literacy programs in schools. [1]
Katrina Samios, CEO of Financial Basics Foundation, expressed optimism about the impact of Cashed Up
“We know from research and decades of experience in education that building financial skills early is essential for young people to grow into financially capable and successful adults. We are excited to offer this free program to schools and community organisations, helping to foster a financially confident generation.”
Anne Fuchs, Executive General Manager Advocacy and Impact at Australian Retirement Trust, agrees investing in young people’s financial education today will pay dividends in the future.
“As part of a national financial literacy survey we conducted last year [1], we found nearly all Australians (96%) believe financial literacy should be taught in schools.
“Australian Retirement Trust wants more Australians to awaken their finances so they can look forward to the retirement they really want. The earlier a person starts saving and investing in super, the better off they’ll be later in life due to the power of compound interest.
“We believe giving students an educational opportunity like this will help them enter adult life with the ability to make better financial choices sooner, so they can achieve greater benefits over time and in retirement.”
Accessible to all teachers regardless of subject area, Cashed Up provides valuable, ready-to-use resources which can be easily integrated into all classrooms.
The Cashed Up modules are as follows:
- Course 1 – Level Up Your Money Plan: Provides students with practical experience in goal-setting and decision-making and begins to explore their relationship with and understanding of money.
- Course 2 – Take Charge of Your Spending: Students will have the opportunity to analyse and reflect on their money attitudes and habits in a variety of contexts.
- Course 3 – Get ready to Work: Students will gain an understanding of the different types of employment as they get ready to earn their own income.
- Course 4 – Start Earning: Explores the financial implications of joining the workforce in Australia including taxes, practical, safe, ethical, and responsible spending, and consumer and worker rights and responsibilities.
- Course 5 – Build some wealth: Encourages students to reflect on the financial matters that will affect them in the future, including different types of investments, how to invest wisely, and super.
You can learn more about Cashed Up here.
[1] [Programme for the International Assessment of Adult Competencies, Australia, 2011 – 2012| Australian Bureau of Statistics (abs.gov.au)]This study was conducted online between 3rd and 8th October 2024 by YouGov on behalf of Australian Retirement Trust. The sample comprised of a nationally representative sample of 1,002 Australians aged 18+ years who have superannuation and are not retired.
