Transcript of consumer and financial literacy

Colleen: All right. Okay. This is normally the introduction to Money Smart Teaching. It's a one-hour workshop but I've condensed it down today to 30 minutes, just to give you a bit of an overview. There'll be opportunities later if you would like to participate in the full version or you're able to do that on your own accord if you're interested. The Money Smart Teaching is a programme that's been developed ASIC, the Australian Security and Investment Commission. ASIC has been given the responsibility of consumer financial literacy across Australia by the federal government. They have developed this programme for students, K to 10, to develop consumer financial literacy education across Australia.

In New South Wales, we have a national partnership agreement with ASIC to provide professional learning for teachers right across the state. I'm the actual project officer of the Department of Education. We have also project officers for Catholic ed and the independent schools. It was launched in July 2012, where we had 90 schools across Australia trialling the programme. Twenty schools in New South Wales actually participated in that trial. We had 15 primary schools and five secondary schools. In the last year's budget, we were given further four-years funding to implement the programme further to provide more professional learning for teachers and develop further resources. Money Smart Teaching is here to stay, at least for the next four years and hopefully, longer than that particularly in the area of resource development.

Today, as I said, it's just a bit of an introduction to give you an idea of what's available in the package, the resources and giving you opportunities for some professional learning in this area. Normally, I would show a short video that puts the whole thing into some sort of context core, that's been produced by Scott [Pait 00:02:18], but because we've got a bit of a time restriction here, I've just put a link to that for you in the part at the end. It's called Money Makes the World Go Round. It provides a fantastic context about why we should be thinking of consumer financial literacy education, particularly in terms of 21st century learning skills. With all the global financial crisis, youth debt and a whole lot of other issues related to finances, it's become a really key area for learning. I really would recommend you have a look at that video. It's about three minutes long but it really puts the whole thing into some sort of context.

This workshop focus will actually hopefully empower you as a teacher, build your capabilities in terms of how you can embed consumer financial literacy education into your school curriculums. It doesn't neglect your own personal well being in terms of financial literacy as well. ASIC is really keen to make sure that you feel confident in your own financial well being. There are lots of leadership opportunities for you as a teacher to develop or embed consumer financial literacy education into your school curriculum and to lead your staff in that direction.

Schools as well can be known as a Money Smart school. There's a learning journey that's involved in that if your school so wishes to. There's a process. I'll explain that briefly today and those opportunities for you as I said for professional learning. All of this is tied into the Money Smart Teaching website, which is a one-stop shop for professional learning in consumer financial literacy. There are lots of units of work, kindergarten right through to year 10, videos and digital activities. We'll have a quick look at those today. Our main aim and goal is to hopefully have students that are confident and informed financially literate consumers.

The strategy itself, the Money Smart Teaching strategy is national strategy here in Australia but also it has lots of drivers internationally. The OECD as you are aware manages the Pizza programme where it's a comparative study for 15-year-old students in the area of reading, math and science. In 2012, they introduced consumer financial literacy and the results for that will be coming out this year. As I mentioned before, the global financial crisis and youth debt and research showing that lifestyle and standards in your lifestyle so closely related to financial literacy, there's a huge drive internationally. Australia is leading the way in terms of starting to implement financial literacy education into our community.

Nationally, we have a national financial literacy strategy that was developed in 2007 and 2008. From that, we actually have a framework to guide the education of consumer financial literacy in terms of students and the learning outcomes. This programme is linked and aligned directly with the Australian curriculum and of course the Australian professional standards for teachers. It has lots of creditability there in terms of implementation in schools. I mentioned the National Financial Literacy framework. This is the guiding policy that consumer financial literacy education takes nationally. All education jurisdictions across Australia have endorsed this document. It's based n three dimensions that are inter-related. There are certain student learnings that go with each of those dimensions. The framework is set up in two-year bands, starting year two and working through to year 10. There are learning outcomes under each of the dimensions.

The first one, knowledge and understanding, which is the school's knowledge of values that you need to have to understand money, the forms of money, how money is used and applied in our everyday lives. Then it's also competence. There's no point in having that knowledge without applying it in real life context. Also, responsibility and enterprise, making well-informed choices and decisions that will affect your long term future. There are learnings that go with each of those dimensions in the two-year bands. At the back of that document is also progression. Each of the learning outcomes is taken, starting at year two and developed right through to year ten. That really assists teachers in differentiating their curriculum.

This is a great document that you can use, even if you decide not to use any of the Money Smart Teaching units of work. There are blank templates in our teaching guide, that I'll talk a bit later about. It's a great document to drive your programmes that you want to develop yourself in being able to determine what you'd like to include. It's a really great document. It's online and I'll show you where that is a bit later so you can access that.

In terms of being another learning area, ASIC has worked very closely with the Australian curriculum and made sure that all the resources are including the units of work and other teaching digital resources are aligned to the Australian curriculum. With Phase One being released at this stage, all the resources are aligned to English, math and science. As further areas of the Australian curriculum are released, they'll be further resources that are aligned to those area. For instance, economics and business will be rolled out in the next phase. I'm not sure what's going to happen here in New South Wales but nationally it will be compulsory for economics and business for years five to eight. ASIC this year are using a lot of their funding to create further resources in that area. We're also looking at resources for special ed students and indigenous students.

In terms of mathematics, if that's what you're here for, math seven to 10, all the resources are aligned to our New South Wales mathematics seven to 10 syllabus and aligned with financial mathematics, which is the substrate. You can see on the screen now those relevant outcomes that you'll be able to see cropping up in all of the resources in the programme. It's not something that we're going to be teaching in isolation. It works really well cross-curricular as well. You can also see how it's embedded across the curriculum in terms of personal, social capability and working enterprise so this is not something that's going to be an add-on. It's not something extra that we need to teaching. It's part of our syllabus that we're implementing at the moment.

The Money Smart Brand, there are two strands to it, I suppose. There's the consumer side of it, which a lot of you must have already heard of just Money Smart. Then we have Money Smart teaching, which is there for you as teachers and educators in consumer financial literacy. We'll be talking a lot about the Money Smart Teaching but I really wanted to draw your attention to the Money Smart site as well because it's got a load of resources that your senior students will be able to use but it's great for your own personal financial well being.

If you can just bear with me a moment, I'm just going to share my screen and take you to those actual websites so that you can have a bit of a look at them. This is the Money Smart website, as I said, the consumer site. It has loads and loads of tools and support for you to manage your own financial issues. As you can see in each dropdown menu, there's lots of things about budgeting, saving, insurance and things like that, borrowing, credit, superannuation and retirement, investing, if you want to start dabbling in the stock exchange, there's lots of support there, how to avoid scams. The site is regularly updated. ASIC always has the most current information that's relevant to lots of financial issues so that this site has regular updates.

Some fantastic links at the site, there's a really great e-newsletter that you can subscribe to and get some financial tips each month sent to your email address. They're really quite valuable. There's some great links there for different groups within the community, like the under 25s. If you're looking at the 16 to 26-year-olds, there's some really great advice there, that buying a first car or moving out of home, getting your first job, there's some great advice there. If you're like me, I'm actually looking at the over 55s, ready for a time of really good advice there.

Families is particularly good for supporting parents within your school. Parents also would like advice about how to teach their kids about budgeting, saving, pocket money and those sorts of things. Some very good advice there. Then there's more for educators in the indigenous community. It's a really great site. My favourite part of the site is this calculators and tools area that has loads and loads of little apps and tools that you can use to help you in terms of ... There's a Money Smart health check or money health check, if you're game. Answer four or five questions, some details if you've got financial planning in place for your long term future.

There's budget planners, compound interest calculators and some of your senior students would find a lot of these tools and calculators really quite valuable. Also, there's some great apps that you can download on your phone for free. This one, Track My Spend, if you're really game. You can put that onto your phone and you can organise a budget for a week or a fortnight or a month, whatever you want. Divide it up into needs and wants and then track your spending. I find, now that I'm here, that Oxford Street coffee has become a bit of an issue for me. I actually tracked how many cups of coffee I drank over a fortnight. It's scary so some really good apps. I think teenagers would find that, whether they'd use it I don't know, but a valuable tool to point them in the right direction.

The Money Smart Teaching website, that's the site and there's a link from Money Smart, is your one-stop shop for you in terms of Money Smart Teaching. All the teaching units are here. Under the professional learning is some packages, which we'll have a look at later. There's some online learning, some help for you as teachers. There's background information about where this programme came from and lots of resources, videos and links to other sites. Money Smart Teaching is your one-stop shop to go to to access all of these resources.

I'm just going to go back to our presentation. We'll just look at that in a little bit more detail. On the Money Smart Teaching site, under professional learning, there is online courses that you can access and register for. They'll all aligned to the institute or professional teaching standards. At the moment, there's two courses. They're both seven and a half hours, one for primary and one for secondary. You can register. It takes you through this introductory workshop, plus some workshops that assist you in embedding it into your school curriculum. In another few weeks, there will be a one-hour course, which will replace the face to face, the introductory workshop that I'm doing. That's something to point your teachers or if you're interested in doing some more professional learning. That's a great start to go to. It's under the professional learning tab.

The actual teaching packages themselves, we have had copies. When I go out to schools and present this workshop to admin, staff meetings and faculty meetings, I always take the hard copies along so that teachers have their own personal copies. There's a primary package for K to six and then there's one for seven to 10. The package is divided up into a teacher guide as the first part of it, which gives you the background information to consumer financial literacy frame, literacy education plus the framework that I was talking about. That's there as a hard copy. There are templates and some generic type activities that you can use in your classrooms to highlight financial literacy.

As well as that, there are a suite of units of work, primary and secondary. The primary ones are integrated units in English, math and science. Then there are some dedicated math units. For secondary, we just have four math units for seven, eight, nine and ten, two science units and two English units. In another few months, there will be an umbrella resource for years nine and ten that will integrate English, math and science that will be accessed online. That's in the future. That's the teaching side of it.

There's a facilitator guide, so that if you, as a leader in the school or another leader within your school, would like to implement a whole school approach to consumer financial literacy. There's all the support material. There's PowerPoints, teaching notes to actually run workshops for your staff to embed that into your school curriculum. Then you can be known as a Money Smart school. There are actually workshops there to include parents in the work that you're doing within your school because parents are very supportive of this programme. If you're helping their kids to learn about money issues, they're always very supportive. The package is quite extensive and there's a lot in it. That's just an overview of it there.

As I mentioned, there's 12 units at the moment and the eight units for secondary. Particularly if you're a year seven teacher, I would suggest that you have a look at the math units in the K to six area, because there's a lot of concepts and activities there that might be applicable to some of your students in year seven. Then you would have access to that from the website.

Under professional learning, all of those units of work are access there. This is just a screenshot of that page and the primary is above it. At the moment, the primary is in PDF and Word doc. ASIC haven't quite gotten around to putting the secondary on as Word doc yet because it had been in the trial version but that will be coming in the next few weeks. Each of the units of work can be downloaded or accessed through PDF at this stage and, as I said, later as word docs. All of the PowerPoint presentations are also for the teacher workshops are also available there, plus links to some other videos. That's under the professional learning tab at Money Smart Teaching. I suggest that you have a look at that at your leisure, at some stage. I've got links to those in your web links at the end of the presentation.

That's just a quick overview of what the primary units are about. As you can see, there's some integrated units with English, math and science, then just some dedicated units. You can see there's quite a varied range of topics there. This is the secondary units of work. All of the units are based on real and authentic learning experiences that skills and activities that the students are involved in can be taken into their real life situations, applied in real life situations. They're quite engaging and relevant to our students. As you can see there's one each for years seven, eight, nine and 10.

If you just bear with me a moment, I might just give you a bit of an overview of what we're looking at in each one of those units of work. In the year seven, it's how we can reduce our spending. It's a scenario where there's a family who want to spend less on their household expenses because they have a particular goal that they want to reach in terms of their saving. In this unit, the students will examine the concept of comparative shopping in two different contexts, first of all, grocery shopping and then mobile phone plans. The students investigate unit pricing of a variety of grocery items and relate these understandings to mobile phone plans.

They'll understand different measurements, including those related to comparative size of different data downloads. They'll actually take mobile phone plans and calculate the cost of data downloads in relation to that particular plan. They'll also perform calculations related to mobile phone calls, messaging, as I said, data downloads based on unit price and ensure that the mobile phone costs remain within your own budget. Really practical sorts of activities that students can take into their real life situations.

The year eight unit is how can we access money overseas, which is based on the scenario of the Japanese language class going on an excursion to Japan. The students explore the concepts of currency and currency conversion in the context of overseas travel. They investigate the need for currency, perform currency conversions, perform calculations related to common fees and charges on financial products. They work out the advantages and disadvantages of operating in markets that don't use money. Again, as I said, relating to real life situations.

The year nine one is how we can attain more money. It's really targeting a student who's looking at getting their first part-time job, which often happens in year nine. They investigate different ways of earning money, including getting a job then allowing that money to grow by using simple interest. They investigate the effects of inflation and its influence on decision making around financial goals. They investigate the number of hours per week that year nine students work, perform simple interest calculations, calculate earnings based on rates of pay and commission. They investigate the ways that prices change over time, very relevant to that age group.

Finally, the year ten one, reaching goals and what's involved. The scenario there is the year ten students who are planning to go on a holiday at the end of year 12. Planning for the holiday leads them to think about some financial planning, like goal setting, savings, borrowing, investing, working with compound interest, good and bad credit, depreciation and inflation. They investigate the effects of compound interest. They derive compound interest formula and then apply that into a variety of contexts that have implications for financial planning. They don't actually come up with a financial plan but they develop a lot of skills towards being able to do that in their future courses or time once they leave school. That's just a quick overview. What I've done is I've put a word doc that gives an overview of those units of work that you might want to have a look at before you actually go on to the website and explore those units of work in more detail.

Each of the units of work have all the Australian curriculum outcomes that apply to the particular unit and they also have the national consumer financial literacy framework outcomes. Because we're looking at the New South Wales syllabus here in New South Wales, I've also mapped these units of work to our syllabus. What I'll do is I'll get a list from my PL and email you all a certificate of participation for today with the ASIC standards on it. I will also send you word docs that actually map each of the units of work to the New South Wales syllabus so that you don't have to do that mapping. They're not on the website because this is a national programme and it doesn't apply to any other state except ours.

Not only do we have the actual units of work, we have this resource centre. There's the tab on Money Smart Teaching, it says, "Title, start search engine," where you can search for a whole range of digital resources, learning objects, that relate to the units of work, plus any other consumer financial literacy activity that you're doing. There are a whole lot of external programmes there that you can tap into it. They're usually free programmes and they've been endorsed by ASIC in terms of the outcomes that they want to achieve, a great place to go to to find additional resources in this area.

You'll also notice on that page there's a direct link to that consumer financial literacy framework so that you'll have an actual online version of that as well as a hard copy if you have the actual hard copy of the teaching resources. You'll also notice that there are some videos there that you can access that highlight a whole lot of programmes that are operating around Australia in different schools in this area, as well as some great resources that you can show to your students in terms of this area. There's also a great link to a programme called Money Smart Rookie, which was designed specifically for our 16- to 25-year-olds, those students who are looking at leaving home, buying their first car, getting their first job. There's a whole lot of teaching activities and resources there to support them.

You know, this is a really quick overview. When you go to the site, you'll be overwhelmed by the amount of resources that are there. It really is going to need you to take some time to sort of go through it and target some resources that will support you in your learning. There is lots there to support you. As I said, there are lots of digital resources. These ones are specifically developed by ASIC. They have just released nine mobile phone learning objects that are interactive for upper primary and lower secondary, all on the use of mobile phones. Mobile phones have had a huge impact on students' financial literacy.

A lot of our teenagers have gotten themselves into some big problems with mobile phone use. They take particular topics, whether it's downloading games, entertainment, looking at social media. They're very interactive. You can see here they used pretty cool looking avatars. Students have to make some decisions. There'll be some sort of result at the end with looking at their mobile phone plan and whether it's going to affect them in terms of their behaviours on their phone. I would really recommend that you have a look at those from the Money Smart Teaching site.

Also, I won't go into a lot of detail there, there's a programme called MilbaDjunga, which was originally designed for our indigenous students in northern Queensland, but it's been adapted to be used in all classrooms, a great unit. They're looking at a class economy for years five and six. I'll just draw your attention to this one, How I Can Start My Own Business. There's a whole lot of support material there around maths and [inaudible 00:27:53] in terms of starting up a business, all the teaching notes and there's videos and a whole range of support material. You can actually link that from the web page.

I'm going to finish up soon because my half hour is up. As I said, why would you as a teacher get involved in this? I've already talked about building up your capability to actually teach it, your own personal well being and leadership opportunities. I mentioned before that we're looking at your well being and Scott Pape, the Barefoot Investor, you might have heard of him, has developed a whole series of learning videos specifically designed for teachers. They're around these sorts of topics about being debt free, how you survive divorce, how a teacher bought her first home.

What he does is he has a video where he interviews a teacher and then presents a challenge on each topic, something you could do in 60 minutes, six hours or six days to improve your financial well being. He's developed more of these each month. They actually come up onto the Money Smart Teaching website. As I said, there's a video and then you can download a PDF. He's also going to be doing some more podcasts in this area, as well. Something there for you as a teacher, you haven't been left out. We're not just looking at our students.

The idea of becoming a Money Smart school, what would be the benefit? Of course, there's an opportunity to showcase and share your school initiatives on a website. You'll get some marketing support there so that you can market to your school community that you are a Money Smart school. There'll be some specific invitations to participate in some Money Smart school events and a range of national and local support. The process is going to be fairly simple just to participate in Workshop One and then identify ways that you've embedded consumer financial literacy into your school curriculum. It's not going to be an onerous task. It's something you might want to think about down the line.

As I said, this is just a quick overview. I'm available to come out to any school in the state, [inaudible 00:30:16] schools to provide faculty workshops or staff meetings to present the full workshop. Everyone will receive hard copies of the materials but you're most welcome to present this in your own school because in the facilitator guide on the website, there's all the support to do that. If you would like access to hard copies, you can just email me and I can get those sent to your school. It's up to you whether you would like someone like myself to come out and present or all the support is there for you to present it in your own school.

There are my details. I'm at the end of the phone or an email, if you'd like further information. It was in last weeks SchoolBiz as well. There's a flier there. It's in syllabus links. This issue, I think, Chris? Yes, there's a link there. As I said, I'm quite happy to come out and work in your school or just talk to your executive or, as I said, you now have all the resources there to run it in your own school as well. That's entirely up to you. I will get a list of all your names and I will send you out the curriculum mapping for each of those units of work as well as the certificate, plus direct links to some of those places I talked about on the website. I hope I haven't talked too quickly and I've sort of confused you all. I suggest you go to the website and have a bit of a play around. Hopefully, you'll find something there that can support what you're doing in consumer financial literacy. Thank you for attending. Appreciate it. I'll hand it over to Chris.

Chris: Wonderful. Thank you very much for that, Colleen. I very much appreciate it. Colleen, there was a question in the chat. It was around professional learning. The teachers don't need to complete any professional learning as such to use the resources. That's correct? I think you covered this in the last couple of slides there. If you want to become a Money Smart school, then there is a professional learning component to that?

Colleen: [inaudible 00:32:32].

Chris: Introductory workshop. Wonderful. Okay.

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