The Department of Education has teamed up with NSW Treasury and the Australian Securities and Investments Commission (ASIC) to help school students understand how to manage money.
Announced by Treasurer, Matt Kean and Minister for Education, Sarah Mitchell, the new Treasurer’s Financial Literacy Challenge replaces school banking programs, which are set to be cut from NSW schools next year.
Mr Kean said the Challenge would encourage children to develop positive money habits and increase their financial literacy.
“Understanding the cost of purchases will arm students with healthy money habits to achieve their goals now and into the future,” he said.
“To complete the Challenge, students will learn how to navigate the financial costs of becoming either a pet or car owner.
“They will consider other factors in addition to initial purchasing costs, such as ongoing costs and unexpected expenses, and the value of proper planning and budgeting.”
Mr Kean said students would also be able to complete a persuasive writing task – “writing a letter to mum or dad convincing them they know how to pay for the costs associated with a pet or a car.”
Ms Mitchell said the Challenge was self-paced online and provided a fun learning activity for students to undertake at home.
The Minister said students would use their knowledge of financial costs to develop a savings plan using the Moneysmart savings calculator.
“The activities in the Treasurer’s Financial Literacy Challenge are aligned to the NSW Mathematics and English K-10 syllabus,” she said.
“The Challenge will help the next generation be as adept with their money as they are with digital devices.”
Ms Mitchell said students from all schools in Years 5 to 8 could enter the challenge for the remainder of Term 4 and would be issued with a certificate when they completed it.
