A schools-based financial education program has seen significant improvements in students’ understanding of important money concepts, but more needs to be done to ensure Australians are equipped to face financial challenges, says Ecstra Foundation’s CEO Caroline Stewart.
The foundation says that since its launch in February 2022, its Talk Money program has expanded to become Australia’s largest face-to-face, free schools-based financial education program.
Through interactive workshops that help students learn about money lessons for life, the program has reached 262,171 students across 7,000 workshops in 1,125 schools.
Citing its latest Impact Report the foundation says through survey feedback after the workshops, 90% of teachers said their students’ money knowledge had improved and 82% of teachers observed an increase in students’ confidence to manage money.
“Motivation to achieve financial goals increased and teachers credit the program for covering topics that would not otherwise have been taught in the classroom.”
Stewart says the results are highly encouraging, but they are only the tip of the iceberg.
“We are seeing huge levels of interest, strong workshop bookings and expanded program reach across all States and Territories. There is clear recognition that financial literacy and knowledge are vital life skills.”
She says money habits formed in early adulthood are likely to persist, and financial behaviour has been shown to have a major impact on wellbeing.
“We need to start money lessons early, teach and reinforce financial decision-making skills through school years and beyond.”
…We continue to call for a national financial capability and action plan led by the government…
While the program is making a positive impact in schools, Stewart says the foundation also knows “…there is a clear financial literacy knowledge gap in Australia, and one program alone cannot possibly address the national decline in financial literacy levels across all age groups.
“We continue to call for a national financial capability and action plan led by the government to elevate the importance of financial education.”
She says this is more important than ever, given the financial challenges people face “…including the rising cost of living and vulnerability to scams. This would see a range of stakeholders working together to design evidence-based approaches to effective financial education.”
Schools can access the free resources and register for Talk Money workshops here.
