How good is your child with money?
Financial literacy is an essential life skill, and it’s never too early to start learning. Find out all about financial literacy and how to help your child learn about how money works.
What is ‘Financial Literacy’?
Financial literacy means having the financial knowledge, skills and attitude needed to make good financial decisions. This includes learning how to budget and manage money, weighing up whether to save or spend, and deciding what to spend money on.
Financial literacy at school
Your child’s school may use some of the great online resources that are now available to support the teaching of consumer and financial literacy. They’ve been developed by the Australian Curriculum, Assessment and Reporting Authority (ACARA) as part of the rollout of the Australian Curriculum. You can read more about them on the Curriculum Connections webpage.
For more ideas about how to support your child’s financial literacy learning at home, the Curriculum Connections website provides links to information and activities for a range of ages from littlies to high schoolers.
What you can do at home
Learning about how to earn, save and use money is a great way for children to practise their maths skills and set up good habits for managing their finances in the future.
There are plenty of resources online to help your child learn about money and how to make good decisions. Saving up pocket money to buy something they really want or calculating discounts and weighing up which items to buy gives your child a chance to practise using maths in a real-life situation.
No matter what your child’s age, it’s never too early to start learning about how money works. For ideas on developing financial literacy skills at different year levels, see these articles on the Learning Potential Resources website:
- To coin a phrase – Using loose change to learn about Australian coins (for littlies)
- Adding value – Learning about the value of Australian coins (for Year 1-2)
- Cashing in – Using money and calculating change (for Year 3-4)
- Saving for something special – Learning about saving, budgeting and value for money (for Year 5-6)
There are also some online activities you might like to try with your child to practise and gain confidence in their maths and financial literacy skills: