There is strong consensus across students, parents and teachers that financial education is essential for young Australians as it helps them make informed decisions and prepare for the future, new research shows.
Ecstra Foundation’s Financial Education in Schools survey 2025 – which involved 2,123 Australian teachers, parents, and students – found that while nearly all students (98%) receive money and actively spend and manage money, there are glaring gaps in knowledge, confidence and expectations.
Stephanie Hui, head of policy and engagement at Ecstra Foundation, said early exposure to money management in schools remains inconsistent across the board.
“While financial literacy is embedded in Australian Curriculum up to Year 10, it is not taught as a stand-alone subject,” Hui told The Educator.
“As a result, student exposure and experience vary, and students may miss out learning about financial literacy concepts entirely in their later years of schooling.”
Hui said early access to financial literacy starting at school is crucial to prepare students for a world of digital disruption, increasing financial system complexity and rapid workplace change.
“It equips students with the skills and confidence to manage money, make informed choices and avoid scams,” she said.
“Access to evidence-based financial education at school ensures all students can develop these vital life skills.”
Teachers ill-equipped to teach financial literacy
Just 65% of students surveyed said they learnt about money and finance at school, while 37% report having no or low knowledge levels about money.
“Teachers play a crucial role in delivering financial education, yet many do not feel adequately equipped to teach it,” Hui said. “Less than half [44%] say they feel very/extremely confident teaching it, and only 41% report having done so, and nearly all teachers [94%] said further professional development would be useful.”
Hui said the results indicate there are opportunities to close the financial literacy gap among young people.
“These include expanding student access to impactful programs, increasing relevance by connecting lessons to real-life scenarios, and supporting schools and teachers with resources, tools and training.”
“Financial capability is vital for Australians to thrive. It directly influences many factors, from mental and physical health to resilience in the face of economic shocks.”
‘Better financial literacy should be a national priority’
Hui said while global evidence confirms that financial education improves decision-making, fosters better financial outcomes, and helps bridge equity gaps, financial literacy in Australia is declining, especially among 15–24-year-olds, putting future generations at risk of poor financial health.
“Elevating financial literacy as a compulsory, stand-alone subject in the Australian Curriculum is essential,” she said. “This has proved effective overseas, with many U.S. states requiring personal finance education to graduate.”
Hui said Ecstra’s survey results show financial education in schools is strongly supported by parents (97%) and teachers (98%) alike.
“Improving financial literacy, capability and wellbeing should be a national priority,” she said.
“A government led, cross-sector National Financial Capability Strategy is needed to boost capability at every life stage, starting in the classroom.”