Overview of the Consumer and Financial Literacy Professional Learning Program

1
(No Transcript)
2
Overview of the Consumer and Financial Literacy
Professional Learning Program

• Consumer and Financial Literacy Professional
  Learning Program
• Website www.financialliteracy.edu.au
• Consumer and Financial Literacy Professional
  Learning Package
• Facilitator Guide with CD-ROM of slides
• Teacher Guide with DVD - Consumer and Financial
  Literacy through Enterprise Learning Maitland
  Lifeskills Program

3
The Financial Literacy Foundation

• The Financial Literacy Foundation was established
  in 2005 by the Australian Government to
• raise awareness of financial literacy and its
  benefits
• create opportunities for all Australians to learn
  more about money at school, vocational and higher
  education, workplace and in the community
• provide practical support to educators and
  trainers
• work to improve the availability of quality
  financial literacy education resources
• undertake research projects which make a
  sustained contribution to advancing financial
  literacy.

4
Aims of the Consumer and Financial Literacy
Professional Learning Package

• The Consumer and Financial Literacy Professional
  Learning Package aims to
• build participants knowledge, understanding and
  skills to enable them to effectively deliver and
  influence consumer and financial literacy
  education across the curriculum from P10
• strengthen the professional capacity of
  participants to make connections across learning
  areas and to support a range of learning styles
• assist participants to relate consumer and
  financial literacy education to existing
  curriculum frameworks and provide students with
  opportunities to engage with real-world financial
  contexts
• develop and support the ability of participants
  to encourage and sustain a whole-school culture
  oriented to improving understanding of consumer
  and financial literacy.

5
Outcomes of Module 1

• Module 1 will
• provide a context, a rationale and a framework
  for P10 whole-school consumer and financial
  literacy education
• assist participants to align the descriptions and
  dimensions of learning from the National Consumer
  and Financial Literacy Framework with relevant
  State and Territory curriculum frameworks/syllabus
  es
• raise awareness of opportunities for, and
  benefits of, integrating consumer and financial
  literacy education with existing curriculums
• highlight some successful approaches to engaging
  students with consumer and financial literacy on
  a P10 basis for life-long learning
• introduce some areas of support, including useful
  websites.

6
Outcomes of Modules 2 and 3

• Modules 2 and 3 will
• raise awareness of consumer and financial
  literacy as a valuable context for all students
  in primary and secondary schools
• provide examples of strategies for building
  integrated units of work based on State and
  Territory curriculum outcomes and consumer and
  financial literacy contexts
• develop teacher knowledge and skills in consumer
  and financial literacy contexts
• raise awareness of resources which engage and
  enthuse students because of their relevance to
  consumer and financial decision making.

7
What is consumer and financial literacy?

• Consumer and financial literacy is the
  application of knowledge, understandings, skills
  and values in consumer and financial contexts and
  the related decisions that impact on self,
  others, the community and the environment.
• National Consumer and Financial Framework,
  MCEETYA, 2005

8
Your views on consumer and financial literacy

• How would you describe your own consumer and
  financial literacy?
• How significant was your own schooling in
  building your consumer and financial knowledge
• and skills?
• How and why is consumer and financial literacy a
  life skill?
• What role should school education play in
  developing consumer and financial literacy?
• Where does consumer and financial literacy come
  in the scale of school curriculum priorities?

9
The National Consumer and Financial Literacy
Framework

• The National Consumer and Financial Literacy
  Framework has been developed by the Ministerial
  Council on Education, Employment, Training and
  Youth Affairs (MCEETYA) to articulate further the
  learning needed to fulfil the National Goals of
  Schooling, 1999. It is designed to
• inform the Statements of Learning that have been
  agreed to by MCEETYA
• provide guidance to the States and Territories in
  the development of their curriculums for years
  P10
• provide guidance to developers of support
  materials and the professional development of
  teachers in consumer and financial literacy.
• http//www.mceetya.edu.au/mceetya/national_financi
  al_literacy_framework_homepage,14429.html

10
The National Consumer and Financial Literacy
Framework rationale

• The world of consumers is becoming increasingly
  complex.
• Research indicates that levels of consumer and
  financial literacy among adults, parents and
  young people alike are insufficient to cope with
  many of these complexities.
• Effective decision making related to consumer
  behaviours and the management and evaluation of
  personal financial matters comes from improved
  consumer and financial literacy.
• Young people increasingly influence household
  spending and should understand the financial
  consequences of satisfying their needs.
• There are economic and social benefits for the
  whole community of increased levels of consumer
  and financial literacy.

11
Statements of Learning

• The Statements of Learning describe the key
  knowledge, understandings, skills and
  capabilities in these areas that each child
  should have the opportunity to acquire at school
  for English, Mathematics, Science, Civics and
  Citizenship, and ICT.
• The National Consumer and Financial Literacy
  Framework informed the development of the
  Statements.
• The Statements and information on their status is
  at www.mceetya.edu.au/mceetya/the_statements_of_le
  arning, 22835.html.

12
Consumer and financial literacy dimensions of
learning

• Knowledge and understanding is about the nature
  and forms of money, how it is used and the
  consequences of consumer decisions.
• Competence is the application of consumer and
  financial knowledge and skills in a range of
  changing contexts.
• Enterprise is the opportunity to use initiative,
  build financial capabilities and manage
  risk-taking when making consumer and financial
  decisions.
• Responsibility is appropriate consumer and
  financial decisions that display care for self,
  others, the community and the environment.

13
Consumer and financial literacy in context
14
Applying the National Consumer and Financial
Literacy Framework

• Select a Year level
• Consider the description of learning for that
  year
• Choose an outcome for two of the dimensions
• Use your knowledge of your school and its
  curriculum and the National Curriculum Map to
  identify the integration opportunities in your
  school for the outcomes selected
• Note conceptual skills, numeracy and literacy
  skills, and ICT associated with consumer and
  financial literacy.
• Repeat this exercise with another Year.

15
Consumer and Financial Literacy through
Enterprise Learning Maitland Lifeskills Program

• The Maitland Lifeskills Program delivers consumer
  and financial literacy through enterprise
  learning. It is
• a whole-school, cross curriculum approach to
  consumer and financial literacy
• relevant to students lives within and beyond
  schooling
• a program which fosters school and community
  partnerships contributing to long-term
  sustainability.

16
Responding to the Maitland Lifeskills Program

• What aspects of consumer and financial literacy
  are evident in the Maitland Lifeskills Program?
• What applications could you apply to your own
  school?
• What activities promote long-term sustainability?

17
Quality teaching and consumer and financial
literacy

• The NSW Quality Teacher model works to improve
  the academic outcomes of all students. It
  provides teachers with a useful framework for
  professional dialogue, for planning and
  redesigning lessons and for reflecting on the
  quality of what they do in the classroom.
• The model is based on three pedagogical
  dimensions
• intellectual quality
• quality learning environment
• significance.
• All States and Territories have similar models.
• What dimensions of the quality teaching framework
  from your State or Territory are evident in the
  Maitland Program?

18
Intellectual quality

• deep knowledge
• deep understanding
• problematic knowledge
• higher-order thinking
• meta language
• substantive communication
• Source http//www.curriculumsupport.education.nsw
  .gov.au/qualityteach/index.htm

19
Quality learning environment

• explicit quality criteria
• engagement
• high expectations
• social support
• students self-regulation
• student direction
• Source http//www.curriculumsupport.education.nsw
  .gov.au/qualityteach/index.htm

20
Significance

• background knowledge
• cultural knowledge
• knowledge integration
• inclusivity
• connectedness
• narrative
• Source http//www.curriculumsupport.education.nsw
  .gov.au/qualityteach/index.htm

21
Consumer and financial literacy in your school

• How is education for consumer and financial
  literacy evident in your school programs?
• How is it presented in terms of structure and
  location within the curriculum?
• Is it seen as belonging in a particular area of
  study?
• Are there examples of integrated or whole-school
  approaches?
• What can we learn from others about including
  consumer and financial literacy?

22
Views of young people 1

• Research in 2007 of 533 young people aged 1217
  found strong support for financial literacy
  education in school.
• Topic Important learning for ()
• Saving 90
• Information about money 83
• Understanding rights and responsibilities 91
• Recognising a scam 88
• Planning for the financial future 85
• Budgeting 84
• Dealing with financial service providers 84
• Managing debt 83
• Dealing with credit cards 73
• Understanding financial language 82
• Source Financial Literacy Australians
  understanding money
• Financial Literacy Foundation September 2007

23
Views of young people 2

• 72 of young people agreed that saving a small
  amount regularly is the most effective way of
  saving but only half of them said they did.
• 90 were interested in improving their knowledge
  across a range of money issues, including
  budgeting, saving and managing debt.
• 59 have the attitude of Financially, I like to
  live for today yet 91 think it is important to
  learn more about financial language.
• 64 identified school as where they learn about
  money management and, of these, 82 found the
  information useful.
• Source Financial Literacy Australians
  understanding money
• Financial Literacy Foundation September 2007

24
Credit card complexity

• 1974 First bankcard is issued in Australia
• 2007 There are now 13 million cards from about
  250 issuers.
• These have a variety of terms and conditions
• fees for transferring account to a different
  credit institution
• rate and length of time allowed for payment of
  balance owing
• rates of interest, annual fees.

25
Consumer affairs agencies
26
Areas of study for consumer and financial literacy
27
Working with websites
28
Reflection

• Rank the three most important things you have
  learned today.
• Rank three things you can do to make a difference
  in developing consumer and financial literacy at
  your school.
• List four ways you can start to work on the first
  ranked.
• Draw up a time line of how you can make a
  difference at your school.
• Has your capacity to teach and/or influence
  consumer and financial literacy in your school
  been advanced?