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Thursday 16 March 2017

17-066MR ASIC launches new teaching resource to build the financial capability of Indigenous students

ASIC has launched a new financial literacy teaching resource – Knowing, Growing, Showing - to support authentic learning opportunities for Indigenous students.

The resource is aligned to the Australian Curriculum and addresses cultural and community values around money, finances and consumer issues. 

Coinciding with National Close the Gap Day, the resource aims to improve the financial health of Indigenous Australians.

Knowing, Growing, Showing is presented in three stages to provide a progression of learning for students with a focus on individual interests, strengths and growth opportunities. 

The three learning stages are:

  • Knowing - an introduction to the basics of money;
  • Growing - to develop an understanding of money and the skills needed to make smart choices with money; and
  • Showing - to engage students in applied learning to demonstrate an understanding of money and enterprise.

Each learning stage includes guiding ideas, scene setting scenarios and focus questions for teachers to initiate conversations with students around key money concepts providing real life applications.

“The Government’s Closing the Gap report notes that education is fundamental for unlocking the potential of future generations[1]. Part of ASIC's commitment to Indigenous Australians is to help them grow their financial capabilities in school so they are better prepared to make confident and informed financial choices," ASIC Commissioner Cathie Armour said. 

"Adults face decisions about complex financial products and services and having the right skills and knowledge to understand financial concepts, such as budgeting, saving and managing debt will support their financial wellbeing.  Knowing, Growing, Showing is one way we are working collaboratively with schools to equip students with the skills and strategies needed to manage their money," said Ms Armour.

ASIC engaged the Australian Council for Educational Research Indigenous Education team to develop the new resource following consultation with Indigenous educators and State and Territory Education departments to ensure its relevance and effectiveness.

Professor of Education at University of Canberra, Chris Sarra, welcomed the new resource.

"Knowing Growing Showing is an excellent resource that integrates Indigenous perspectives across the curriculum without compromising the integrity of what needs to be learned. The resource is based on learning in the classroom that is anchored in students' experiences with money," said Professor Sarra.

"It is designed to empower Aboriginal students to be more financially capable and explores how young people deal with the pressures associated with financial decisions, and how they might embrace the notion of managing money while remaining true to their family and community," added Professor Sarra.

To view the resource and see ASIC's financial tips for Indigenous consumers visit ASIC's MoneySmart website.

Background

ASIC is the Australian Government agency responsible for financial literacy, consistent with its strategic priority to promote confidence and trust in the financial system. We support the financial capability of Australians to improve their financial knowledge and skills and develop the attitudes and behaviours to make good financial decisions. 

ASIC leads and coordinates the National Financial Literacy Strategy, which sets out a national framework for financial literacy work in Australia.  Indigenous Australians are identified as one of a number of priority audiences in the National Strategy.

ASIC's Indigenous Outreach Program (IOP) supports Indigenous consumers to be confident when making financial decisions and dealing with financial services providers by supporting the work of financial capability workers and financial counsellors. ASIC offers a dedicated help line to assist Indigenous consumers with financial issues on 1300 365 957.

ASIC’s MoneySmart website provides impartial and trusted financial guidance and tools to support informed financial decision-making for all Australians, including Indigenous consumers.


 

[1] Commonwealth of Australia, Department of the Prime Minister and Cabinet, Closing the Gap Prime Minister’s Report 2017, http://closingthegap.pmc.gov.au/sites/default/files/ctg-report-2017.pdf

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Last updated: 16/03/2017 10:57