For Australian teachers, being able to teach quality financial literacy to young people is becoming critical as the cost-of-living crisis sinks its teeth into communities nationwide.
PISA’s latest financial literacy assessment found while many students engage in basic financial activities from a young age, many still lack the skills and knowledge needed to make sound financial decisions.
“These results, combined with the increased incidence, complexity and potential impacts of financial frauds and scams, highlight the need to better equip our young people with the knowledge and skills necessary to make safe and informed financial decisions,” OECD Secretary-General Mathias Cormann said, speaking on the report’s findings.
Fortunately, work is underway to ensure schools can help turn the tables so that Australia’s youth have the skills and knowledge they need for a financially secure future.
On 15 November, a major forum provided educators with diverse strategies for integrating financial literacy into classroom lessons, career and wellbeing programs and other learning environments.
The FinEd Forum – co-hosted by Talk Money with Ecstra Foundation and Southern Cross Catholic College and held at the school's conference centre in Burwood, NSW – included workshops and panel discussions to inspire educators with innovative approaches that cater to various student groups and learning styles.
The forum brought together the nation’s top financial minds, including NSW Treasurer Hon. Daniel Mookhey MLC and award-winning financial literacy educator Peter Tsambalas to equip educators with essential strategies for fostering financial well-being among young people.
Reframing financial challenges as growth opportunities
In an interview with The Educator following the event, Tsambalas, the entrepreneurship and enterprise coordinator at Southern Cross Catholic College in Burwood, NSW, shared some insights into how his “Happiness” approach is helping kids get money smart.
“This approach integrates financial literacy with well-being by fostering a growth mindset and resilience,” Tsambalas told The Educator. “For instance, we discuss how setting achievable financial goals – like saving for a first car or managing HECS debt – builds confidence.”
By reframing financial challenges as growth opportunities, students learn to adapt and recover from setbacks, says Tsambalas.
“They see how budgeting or investing in superannuation isn’t just about money but about developing the mindset to achieve personal goals and support future security, empowering them to make decisions that align with a fulfilling, resilient life.”
Tsambalas said in a worsening cost-of-living crisis, a well-being-focused financial literacy should emphasise resilience and a growth mindset.
“Teachers can guide students on handling rising costs by building adaptable skills like budgeting for rent or managing student debt effectively. For example, understanding income fluctuations due to taxes or HECS debt helps them plan better, reducing financial stress,” he said.
“By viewing these as resilience-building experiences, students are better equipped to handle economic uncertainties, maintaining control over their choices and preserving well-being as they work towards independence and stability.”
Keeping pace with rapid change
Ecstra Foundation CEO Caroline Stewart is a philanthropic leader with over 25 years of corporate, legal, financial services, governance and not-for-profit experience.
She said the positive engagement with teachers and other educators at the FinEd forum was “fantastic”.
“It reinforced the genuine need and opportunity to support the vital role teachers play in educating young people about finances,” Stewart told The Educator.
“Participants also shared ideas and approaches to help address the challenges of getting financial education embedded into the curriculum and term planning.”
Stewart said the forum also highlighted the critical importance of equipping teachers with ongoing support and professional learning to keep pace with the evolving financial landscape.
“With the rapid rate of change in financial products, services and markets [crypto, BNPL and online purchasing came up frequently] the FinEd forum included up to date resources and tools from Ecstra and many presenters that teachers can take back to their schools to support and improve financial literacy education in the classroom.”
Saving smart, dreaming big
The Educator spoke with *Sarah, a Year 12 student from Southern Cross Catholic College, Burwood, who shared her insights on smart money management and goal setting.
When asked what she thought the best way to invest her money was, and why, Sarah pointed to education and skills that align with her interests and career goals, such as a trade/course she is passionate about.
“These investments will increase my earning potential and open future opportunities. I’d combine this with improving financial literacy by reading books like ‘The Barefoot Investor’ or ‘Rich Dad Poor Dad’,” Sarah said.
“Then I would set aside savings in a high-interest account and start small investments to learn about investing while growing my wealth. These steps would help me build a foundation for lifelong financial success while empowering me to make smarter financial decisions.”
Sarah said her main financial goal in the next five years is to save for a reliable car to support study, work and her sports training, while also setting aside money for trade/course requirements.
“I’d start by estimating the cost of a second-hand, fuel-efficient car and creating a savings plan,” she said. “I would also open a dedicated savings account to build this fund and contribute consistently from part-time/side-hustle income.”
Sarah said she would also use budgeting to balance saving for the car and trade/course needs, prioritising essentials like tools or uniforms.
“This goal ensures I’ll be equipped to pursue my sporting dream and career ambitions, combining financial responsibility with personal growth.”
*The student's real name was not used in this article.