The Federal Government is calling on its state and territory counterparts to support the expansion of its national financial literacy program in schools.
The Government has invited state and territory governments to participate in a new agreement that would see the ASIC MoneySmart Teaching program remain in place for a further four years and also expand to more schools and students.
More than 32,000 teachers have participated in the ASIC MoneySmart Teaching initiative, reporting an increased capacity to teach financial literacy followed by greater levels of financial literacy knowledge reflected by students.
"The new agreement will expand the program to significantly more teachers so financial literacy lessons can have a positive impact on an even greater number of students and schools across Australia," Minister for Revenue and Financial Services, Kelly O'Dwyer said.
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She added that financial literacy education in schools is crucial to ensuring students develop the knowledge and skills to make sound financial decisions throughout their lifetime, including around saving, borrowing and investing.
"That is why we want to give more teachers the capacity to teach their students financial literacy skills - skills that they will carry with them throughout their lives," O'Dwyer said.
ASIC's MoneySmart initiative is part of its National Financial Literacy Strategy that attempts to improve financial literacy for all Australians.
A number of major financial services organisations have backed the strategy to date, including ANZ, the ABA, ASFA, CBA, the FPA, HESTA, ME Bank and VicSuper.