Sydney, Feb 24: Financial Basics Foundation has introduced Cashed Up, a free financial literacy program designed to equip high school students with essential money management skills.
Supported by Australian Retirement Trust, the initiative aims to combat the declining financial literacy rates among young Australians by providing practical education on real-world financial concepts.
While financial literacy is included in the national curriculum, there is no consistent delivery approach across the country. Cashed Up seeks to bridge this gap by offering four online courses, with two more scheduled for release later in the year.
The program covers a broad range of financial topics, from managing personal finances and understanding employment to preparing for adult responsibilities.
Research indicates that early financial education significantly improves long-term financial outcomes.
Studies have found that Australians aged 15 to 24 exhibit some of the lowest levels of financial literacy, highlighting the need for targeted educational programs in schools.
Katrina Samios, CEO of Financial Basics Foundation, emphasized the importance of financial education in shaping future generations, stating that building financial skills early is crucial for young people to become financially capable adults.
She expressed confidence that the initiative would help foster a financially confident generation.
Anne Fuchs, Executive General Manager Advocacy and Impact at Australian Retirement Trust, highlighted the broader impact of financial education, referencing a national survey that found nearly all Australians believe financial literacy should be taught in schools.
She stressed the importance of teaching students about saving and investing early, noting that financial knowledge can lead to better long-term financial security, particularly in retirement.
Cashed Up is designed to be accessible to all teachers, regardless of subject area, and can be easily integrated into classrooms.
The courses guide students through key financial milestones, starting with goal-setting and spending habits in early high school years, progressing to employment and income management, and culminating in lessons on wealth-building, independent living, and responsible financial decision-making.
The program is expected to be a valuable resource in preparing young Australians for financial independence, equipping them with the knowledge needed to navigate their financial futures with confidence.
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