The earlier in life you can understand how to look after your cash, the less economic troubles you’re most likely to run in to down the track. Back in 2007 the Monetary Literacy Foundation performed a survey of children aged 12 – 17 on a variety of financial literacy subjects. Approximately 43% of the teen respondents stated that dealing with money was stressful and overwhelming, and around 2-thirds of the respondents were keen to understand much more about cash across different regions of finance.
The Australian Securities and Investments Commission (ASIC) is helping to facilitate this with the launch of a new on the internet training resource for students in vocational education and education. The resource – Be MoneySmart – aims to increase their economic literacy by better understanding private taxation, superannuation, insurance coverage, debt management and budgeting.
ASIC Commissioner, Greg Tanzer encouraged trainers and teachers functioning in TAFE Institutes, registered coaching organisations, group instruction organisations and schools to introduce ASIC’s Be MoneySmart into their courses.
“Financial literacy is about empowering men and women so that they can confidently make financial decisions, handle economic risks and participate in our economic system”, stated Mr Tanzer. “Developing good money habits early on will not only support trade students for the duration of their training, but throughout their careers. Producing wise choices about funds is invaluable for those students who go on to be self-employed or employ other individuals.”
ASIC’s Be MoneySmart resource was created with assistance from Innovation and Enterprise Skills Australia, the Australian Tax Office, Group Training Australia, Fair Function Developing and Construction and Bendigo Kangan Institute.
The Chief Executive of Group Coaching Australia (GTA), Jim Barron said the new resource is an invaluable asset for young people beginning out in their careers.
“It is vital that we give our apprentices and trainees the crucial lessons in economic management early in their careers so that they have these tools to fall back on throughout their working lives.”
Be MoneySmart can be used for accredited instruction as portion of the Certificate III in Economic Services or for basic money management capabilities development applications. It is also obtainable as a package for training organisations.
“Group Coaching Australia is delighted to be component of this consultation method, and commends ASIC and the other partners on an initiative that will have lengthy-lasting and widespread benefits,” Mr Barron said.
The resource covers the following regions of financial literacy:
- Saving, budgeting and spending
- Personal tax
- Superannuation
- Debt management and
- Insurance.
Whilst they’re not the most riveting of topics, there is no doubt that the demand is there.
In terms of wanting a lot more monetary education, the respondents of the 2007 survey nominated the following regions of income management as those in which they wanted to discover a lot more:
- Find out much more about how to recognize financial language: 81.6%
- Discover far more about how to save income: 90.4%
- Learn far more about how to invest funds: 80.7%
- Learn a lot more about how to manage debt: 82.5%
- Learn more about planning for your lengthy term future: 84.9%
- Understand much more about how to choose proper insurance: 79.6%
Be MoneySmart is offered totally free of charge at www.moneysmart.gov.au/teaching
Apprentices and trainees get Income Intelligent
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