As cost-of-living pressures bite and financial literacy declines nationwide, new data reveals Australian schools are crying out for more practical money education in the classroom.
A new report from Ecstra Foundation shows hundreds of thousands of students are gaining critical financial skills through targeted programs, yet most teachers say these lessons aren’t covered in the current curriculum.
The findings point to a growing gap between what students are taught and the real-world financial knowledge they need, raising fresh questions about whether Australia’s education system is keeping pace with modern life.
Students who participated in the workshops recorded strong improvements across three key financial capability measures, with a 29% increase in students’ ability to talk about money, a 40% increase in confidence managing money, and a 35% increase in intent to achieve financial goals.
The report also found that 87% of teachers believe the financial topics covered in Talk Money workshops would not otherwise be taught, highlighting a gap between existing curriculum coverage and the practical financial skills students need.
The findings come as the Australian Curriculum, Assessment and Reporting Authority (ACARA) undertakes a targeted review of the Australian Curriculum: Mathematics for Foundation to Year 2, aimed at strengthening early numeracy and improving clarity for teachers around foundational concepts.
ACARA has indicated the review will also ensure inclusion of foundational consumer and financial literacy concepts within the maths curriculum.
“It’s a positive shift to see so many students learning real world money skills, but we know that financial capability is ultimately about what students do with that knowledge in real life,” Caroline Stewart, CEO of Ecstra Foundation, told The Educator.
“What we observe through Talk Money is that capability builds when learning is practical, repeated and relatable.”
How schools can make financial literacy stick
Stewart said schools that embed financial education across year levels, rather than treating it as a one-off topic tend to see more sustained outcomes.
“Also, activities that simulate real world decision making, such as goal setting, planning a market day, a fundraising campaign or spotting a potential scam, are everyday experiences that can be effective opportunities to talk about, and learn money skills.”
When asked about the biggest gaps in financial education for young people, Stewart pointed to consistency and capability.
“Financial literacy is in the curriculum, but it often relies on individual teachers to source and adapt resources,” she said. “There’s also a capability gap, and we need to acknowledge and support teachers who may not have the experience or confidence to deliver it effectively.”
What schools can do now is start small and practical, said Stewart.
“Financial concepts already align with subjects like maths, business and a range of humanities topics,” she said. “Providing access to and using evidence based, ready to use resources that can help teachers integrate financial learning into what they’re already teaching is achievable, without waiting for curriculum change.”
Financial literacy must fit, not add to teacher load
With many teachers already stretched, many are left wondering how they can fit financial education in without adding to workload or crowding out other priorities. Stewart said the key is integration, not addition.
“Providing access to high quality, evidence-based resources that can be easily incorporated into existing lessons, that are already mapped to the curriculum and complement topics in maths, business, economics and civics,” she said.
“They need to be up to date including the digital economy, and cover emerging issues such as scams and crypto, adapted to different experiences of students and varying literacy levels.”
Recent reports have also shown that scams and other online threats are rising. With students engaging with money in digital environments through online purchases, gaming platforms or social media, their exposure to financial risk is also increasing, noted Stewart.
“Financial education hasn’t fully caught up with this shift so there is a real gap,” she said. “There’s still a tendency to focus on traditional concepts, rather than digital behaviours and risks.”
Stewart said schools can play an important role by building students’ confidence to navigate online environments including recognising scams, understanding how digital transactions work, and knowing where to seek help.
“We learnt through the co design of our Scam Savvy workshop that this is less about adding too much content, and more about creating a safe environment to talk about scams, the range of financial scams and where to go for practical help.”