Why teach Economics in Years P-6?

The Australian Securities and Investments Commission (ASIC) proposes that children as young as five should be taught consumer and financial literacy to help cope with modern problems such as mobile phone debts… They are growing up in a fast-paced consumer society where money is increasingly ‘invisible’, where there is a growing range of choice and complexity in consumer financial products, and where individuals carry a greater level or responsibility for the decisions they make in these contexts. [The Courier Mail, 5 April 2014, p.21.

ASIC proposes that its MoneySmart Program, trialled in 100 Australian schools from August 2012 to June 2013 be rolled out nationwide. This under consideration in the  review of the Australian Curriculum underway in 2014.

The learning area of Economics and Business is awaiting final endorsement before its formal inclusion in the Australian Curruculum. In this learning area students in Years P-4 do not currently participate in a formal curriculum but may pick up some skills, such as spending decisions, while participating in other subjects.

The MoneySmart Teaching Packages provide a context where consumer and financial literacy and the requirements of the Economics curriculum can be taught across other learning areas across all year levels.
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