education.vic.gov.au

School operations

Financial Literacy

Policy

This policy outlines the requirements for the delivery of financial literacy education in Victorian government schools.

Summary

  • Every Victorian government school must deliver financial literacy education as part of the Victorian Curriculum through the Economics and Business and Mathematics learning areas.
  • Victorian government schools cannot provide a School Banking Program from an Authorised Deposit-taking Institution (ADI), such as a bank, credit union or building society.
  • Victorian government schools are also prohibited from:
    • allowing an ADI to deliver any other form of financial literacy education to their students
    • using learning and teaching resources created by an ADI to provide financial literacy education to students.

Details

Under the minimum standards for school registration, every Victorian government school must deliver financial literacy education as part of the Victorian Curriculum, specifically:

  • in the Economics and Business learning area (Levels 5-10), through the ‘Consumer and Financial Literacy’ strand
  • in the Mathematics learning area (Levels F-10) through the ‘Number and Algebra’ strand, which has a sub-strand called ‘Money and financial mathematics’.

Victorian government schools cannot provide a School Banking Program from an Authorised Deposit-taking Institution (ADI) such as a bank, credit union or building society.

Victorian government schools are also prohibited from:

  • allowing an ADI to deliver any other form of financial literacy education to their students, including via face-to face, virtual or blended delivery modes
  • using learning and teaching resources (for example, apps, worksheets, videos) created by an ADI for the purpose of providing financial literacy education to students.

Further restrictions on School Banking Programs in Victorian government schools can be found in the Department's Sponsorship policy.

Further information on financial literacy — what it is, why it is important and considerations for teaching it, is available on the Guidance tab

Resources for school leaders to assist with the implementation of this policy and its communication to the wider school community are available on the Resources tab.

New teaching and learning resources have been curated and developed in consultation with financial experts and the Victorian Student Representative Council to assist with the strengthening of financial literacy education in Victorian government schools. These resources can be accessed through the Resource tab.

Schools who require additional support in disengaging from a School Banking Program can contact the Learning Design and Innovation Unit on 7022 2364 or learning.design.innovation@education.vic.gov.au

Definitions

Authorised Deposit-taking Institutions (ADI)
ADIs are institutions like banks, credit unions, building societies and other mutual organisations that offer deposit products in Australia. ADIs are supervised by the Australian Prudential Regulation Authority (APRA) and must comply with the Corporations Act 2001.

School Banking Programs (SBPs)
SBPs are programs where an ADI offers deposit products to the students at a school; these students are encouraged to establish bank accounts and make ongoing deposits into those accounts at the school.

Department policy on financial literacy

Reviewed 23 September 2021

Policy last updated

19 February 2021

Scope

  • Schools

Contact

Learning Design and Innovation Unit

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