The Australian Securities and Investments Commission (ASIC) is to establish a national expert group on youth financial wellbeing.
ASIC Commissioner, Danielle Press said Australian students had performed above average in the Organisation for Economic Co-operation and Development (OECD) 2018 Programme for International Student Assessment (PISA) financial literacy results, released last week.
“The survey measures how well 15-year-olds understand commonly used financial concepts and how capable they are at solving routine problems in financial contexts,” Ms Press said.
“In 2018, Australian students performed above the OECD average and Australia ranked fifth out of the 20 participating countries.
“While these results are positive, it is more important than ever that young Australians have the skills to manage money and plan for the future.”
Ms Press said young people were learning about money at school and financial education was embedded in the Australian curriculum.
She said schools would continue to play a meaningful role in delivering financial education but lessons outside the school environment were even more important in shaping the behaviours that contributed to financial wellbeing.
“Young Australians are active consumers — they are setting savings goals, shopping online, using debit cards and making payments with their phones,” Ms Press said.
“They also deal with complex financial decisions around leaving school, pursuing further education, employment, moving out of home and forming relationships,” she said.
“It is imperative that the national expert group understand the perspectives of young people and for this reason its membership will include youth representatives along with representation from relevant public and private organisations.
“Learning early in life how to manage money, save and plan for the future and make informed decisions enables young people to be in control of their financial lives.”
