How Rethinking How and What Is Taught as Financial Literacy in Australian Schools Can Positively Impact Lifelong Wellbeing

Financial literacy is significantly and positively related to financial wellbeing (Zulfiqar, Research Journal of Finance and Accounting, 7(11), 94–103, 2016). Therefore, it is essential that financial literacy education is adequately taught in Australian schools. Despite recent and significant curriculum reform across all Australian states enabling flexibility to teach content in a contextually relevant manner, many educators remain limited in understanding what constitutes effective financial literacy education, with most focused on budgeting, saving, and investing. This causes financial literacy education to be limited in its ability to cater to the requirements of diverse communities and learner needs and abilities (Amagir et al., Citizenship, Social and Economics Education, 17(1), 56–80, 2018). Utilising a critical-political approach, reasons why financial literacy may not be as effective amongst diverse groups within schools will be explored to challenge educators to reconsider what they deem as financial literacy, emphasising what and how financial literacy is taught in Australian schools. By empowering and allowing educators to better understand their learners’ contextual financial literacy requirements, they can create learning that is more engaging and relevant to their needs. Approaching financial literacy education contextually gives educators a greater positive impact on the quality of financial literacy and addressing the needs of their learners, particularly from disadvantaged or diverse communities.