FREE EDUCATIONAL TEACHING COURSE TO TACKLE DECLINING FINANCIAL LITERACY RATES IN AUSTRALIAN CHILDREN

As the new school year begins, Financial Basics Foundation is proud to announce the launch of Cashed Up, a suite of free financial literacy courses designed for high school students across Australia. Cashed Up proudly supported by Australian Retirement Trust, is aimed at tackling the concerning decline in financial literacy rates among young Australians by equipping them with essential, real-world financial skills.

Despite elements of financial literacy being included in the national curriculum, there is no consistent delivery approach nationwide. Cashed Up bridges this gap with four comprehensive online courses available now and two to be released later in the year, freely available to all Australian students. The program covers foundational financial concepts, from managing money and understanding employment to preparing for adult responsibilities.

Research shows that introducing financial literacy early in life results in better long-term financial outcomes. Studies indicate that young Australians aged 15 to 24 exhibit some of the lowest levels of financial literacy, underpinning a consistent need for effective financial education literacy programs in schools. ^[1]

Katrina Samios, CEO of Financial Basics Foundation, expressed optimism about the impact of Cashed Up:

"We know from research and decades of experience in education that building financial skills early is essential for young people to grow into financially capable and successful adults. We are excited to offer this free program to schools and community organisations, helping to foster a financially confident generation."

Anne Fuchs, Executive General Manager Advocacy and Impact at Australian Retirement Trust, agrees investing in young people’s financial education today will pay dividends in the future.

“As part of a national financial literacy survey we conducted last year[1], we found nearly all Australians (96%) believe financial literacy should be taught in schools.

“Australian Retirement Trust wants more Australians to awaken their finances so they can look forward to the retirement they really want. The earlier a person starts saving and investing in super, the better off they’ll be later in life due to the power of compound interest. 

“We believe giving students an educational opportunity like this will help them enter adult life with the ability to make better financial choices sooner, so they can achieve greater benefits over time and in retirement.”

Accessible to all teachers regardless of subject area, Cashed Up provides valuable, ready-to-use resources which can be easily integrated into all classrooms. The courses cover a range of key financial topics:

[1] This study was conducted online between 3rd and 8th October 2024 by YouGov on behalf of Australian Retirement Trust. The sample comprised of a nationally representative sample of 1,002 Australians aged 18+ years who have superannuation and are not retired.

The CashedUp modules are as follows:

· Course 1 – Level Up Your Money Plan: Targeted to Year 7, it provides students with practical experience in goal-setting and decision-making and begins to explore their relationship with and understanding of money.

· Course 2 – Take Charge of Your Spending: Targeted to Year 8, students will have the opportunity to analyse and reflect on their money attitudes and habits in a variety of contexts.

· Course 3 – Get ready to Work: Targeted to Year 9, students will gain an understanding of the different types of employment as they get ready to earn their own income.

· Course 4 – Start Earning: Targeted to Year 10, it explores the financial implications of joining the workforce in Australia including taxes, practical safe, ethical, and responsible spending, and consumer and worker rights and responsibilities.

· Course 5 – Build some wealth: Targeted to Year 11, it encourages students to reflect on the financial matters that will affect them in the future.

· Course 6 – Start Adulting: Targeted to senior students, it explores concepts around living independently such as tenancy issues and budgeting, buying your first car, insurance and planning a holiday.

Cashed Up can be accessed here.

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About Financial Basics Foundation

For over two decades, the Financial Basics Foundation, has been at the forefront of promoting financial capability among young Australians.

Financial Basics Foundation provides resources that have been used in over 2000 high schools across the country and each year, more than 30,000 students play its online financial simulation money game (ESSI Money) which teaches teenagers how to earn, save, spend, and invest wisely.

For further information on the research and resources provided by the Financial Basics Foundation, please visit https://financialbasics.org.au/.

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About Australian Retirement Trust

Australian Retirement Trust is one of Australia’s largest super funds. Close to 2.4 million Australians trust us to take care of over $300 billion of their retirement savings. We’re here to help our members retire well with confidence, focused on strong long-term investment returns, low fees and the information and access to advice our members need to manage their super and retirement.

Australian Retirement Trust was formed through the merger of QSuper and Sunsuper in February 2022.

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_{[1] [Programme for the International Assessment of Adult Competencies, Australia, 2011 - 2012| Australian Bureau of Statistics (abs.gov.au)]}

_{[2] This study wasconducted online between 3rd and 8th October 2024 by YouGov on behalf ofAustralian Retirement Trust. The sample comprised of a nationallyrepresentative sample of 1,002 Australians aged 18+ years who havesuperannuation and are not retired.}