- Date:
- 18 Feb 2021
Policy
Policy
This policy outlines the requirements for the delivery of financial literacy education in Victorian government schools.
Summary
- All Victorian government schools must teach financial literacy as part of the Victorian Curriculum(opens in a new window). Financial literacy is taught through the Mathematics and Economics and Business learning areas.
- Victorian government schools must not:
- allow a bank, credit union or building society to teach financial literacy to students
- use teaching resources created or branded a bank, credit union or building society
- run a School Banking Program.
Details
Financial literacy is the ability to understand and manage money, including budgeting, saving, understanding debt and credit, and making informed financial decisions. Financial literacy helps young people develop the knowledge and skills to make informed financial decisions. It supports them to manage money, plan for the future, understand financial risks and make responsible choices as consumers.
Without financial literacy, young people may be more vulnerable to financial scams and poor financial decisions, and less likely to achieve financial goals.
Activities that are not permitted
Schools must not:
- allow a bank, credit union or building society to deliver financial literacy lessons in person, online or through blended learning
- use teaching resources that are branded, created or sponsored by a bank, credit union or building society
- run a School Banking Program, where students are encouraged to open bank accounts and make deposits at school.
More information about School Banking Programs is available in the department’s Sponsorship policy.
Financial literacy – teaching requirements
All Victorian government schools must teach financial literacy through the Victorian Curriculum(opens in a new window) Mathematics and Economics and Business learning areas.
Financial literacy in the Victorian Curriculum teaches students about:
- understanding and managing money
- budgeting and financial planning
- saving
- spending and consumer decision-making
- understanding credit, debt and interest
- understanding financial risk
- understanding taxation
- recognising scams and misleading financial information
- understanding consumer rights and responsibilities
- making informed financial decisions.
When teaching financial literacy, it is strongly recommended that schools:
- explicitly teach financial concepts and vocabulary at the start of each lesson
- connect learning to everyday financial decisions
- give students opportunities to apply their knowledge to different situations
- consider the impacts of financial decisions:
- social – how financial decisions affect people and communities. For example, avoid activities that require students to share information about their own or their family’s financial circumstances
- ethical – whether a financial decision is fair, responsible or harmful to others
- environmental – how spending, saving or investment choices can affect the environment.
Department-approved teaching resources are available on Arc. Visit The Victorian Curriculum F–10(opens in a new window) and the Curriculum Programs Foundation to 10 policy for more information about mandated curriculum content.
Related policies
Guidance
Guidance
There is no further guidance for this topic. For more information, refer to the Resources tab.
Resources
Resources
The department provides financial literacy teaching resources through the Arc Learning platform: