Student sample for assessment
Written by a Year 10 student in Canberra, Australian Capital Territory, Australia.
This submission argues in favour of making financial literacy a compulsory component of senior secondary schooling, on the grounds that current outcomes in financial decision-making among young adults are poor and that the evidence from school-based financial literacy programmes suggests structured teaching produces measurable improvement. The case for compulsory financial literacy rests on a straightforward observation about the gap between the decisions young people are expected to make and the preparation they receive. Within months of finishing school, many students will be managing income, navigating tax obligations, taking on rental agreements, servicing student debt and making superannuation choices. The consequences of making these decisions poorly compound over time in ways that are well-documented. Yet financial literacy is currently taught inconsistently, when it is taught at all, and is not a requirement in most Australian states. The Australian Securities and Investments Commission’s own research indicates that financial literacy levels among young Australians remain low and that this correlates with poor financial outcomes over time. The most common objection is that the curriculum is already crowded and that adding financial literacy as a compulsory component would require displacing existing content. This is a genuine constraint, but the objection misunderstands the proposal. Financial literacy does not require a standalone subject. It can be embedded within existing mathematics, economics or personal development frameworks with minimal disruption to the overall curriculum structure. International evidence from countries that have embedded financial literacy within existing subjects — including the United Kingdom and New Zealand — suggests this approach is both practical and effective. This submission respectfully asks the review panel to consider that the question is not whether financial literacy matters but whether the current approach — inconsistent, unmonitored and largely optional — meets the standard that senior students deserve. It does not. The panel is invited to support a compulsory, embedded and assessed financial literacy component as part of the next curriculum review cycle.