FINANCE: What is the MoneySmart Schools program?

19 June 2017
Reading time2 minutes

Knowing how to manage your money is an important life skill. That is why some schools are turning to the government’s MoneySmart Schools program to help teach their students about finances and encourage them to develop good money habits.

MoneySmart Schools provides a range of educational resources for primary, secondary and tertiary students and their parents. These include units of work that address topics which help promote financially savvy thinking among their students. They might be asked to draw up a list of their needs and wants, think about the costs involved in a family outing or plan and implement a fundraising project.

Parent Asher Buck’s children go to a MoneySmart School. She said: “Even from as young as four years old they're learning about money, they're learning to bank money, they're learning how they can earn it, save it and put it towards something else.”

The program can also help them to understand the language of money and what it means to be a consumer, plan their spending, saving, donating and investing, understand risk and reward and develop enterprising behaviours.

“When students were asked, 80 per cent thought it was important to learn about money management at school and schools are the logical place for young people to learn about money,” said Paul Clitheroe, chair of the Australian Government Financial Literacy Board. “This is essential learning, it supports equity and economic participation.

“If the leadership team in schools understand the importance of kids being financially literate and promote being MoneySmart in their school believe me, the whole school community will benefit,” he added.

Only four Queensland schools currently use the MoneySmart Schools program - Arundel State School, Gilroy Santa Maria College, Kings Christian College and St Andrews Anglican College. To find out more about registering your school for the program, click here.

Read our article busting some common family budgeting myths here.

Written by

Kerry White

Kerry is the Senior Writer for Kids on the Coast and Kids in the City. Kerry moved to Australia from England in 2013 with her husband and two daughters. She worked as a sub-editor in London for seven years before she had her girls. She now calls the Sunshine Coast her home and is making the most of its glorious weather and beaches. She enjoys baking, especially when she has a glass of wine in hand, and is a part-time Psychology, Criminology and Justice student. She also shares her home with two cats and her daughters' imaginary dogs.

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