The Wealth Academy (TWA) encourages schools to provide an openly accessible and holistic financial life skills program including, but extending beyond the limitations of the financial literacy concepts existing within the Australian Curriculum.
The resources of The Wealth Academy are developed:
- to develop the financial life skills of students
- for teachers looking for new ways to connect students to the financial world in which students they will live
- for facilitators and instructors wanting to better prepare youth for their financial life in the community
- for all students, regardless of the subjects they choose in secondary and post-school education.
- To develop the financial capability and well-being of students.
- To provide resources for teachers, parents and the local business community to support the financial capabilities of secondary students.
This model brings together schools, the business community, professional associations and entities for the common purpose of better preparing Australian youth for the financial world in which they will live. The model consists of the following arrangements:
- TWA produces yearly sets of online resources that support student financial capability
- Professional associations and experts in industries related to financial education contribute to the development of these resources
- Schools may choose to self-fund their access to the resoruces.
- If a school chooses, resources are provided free to schools through local business-community sponsors
- Local businesses pay a fee to The Wealth Academy.
The Wealth Academy also encourages financial service providers and youth-oriented charities to access the resources to use in their own client ecosystems.
Do students want to learn financial life skills? Here is what local and international research says.
Australia: In Australia, research related to youth financial literacy is scarce. However ASIC’s Understanding Money Report, published in 2005 included a survey of 12-17 year olds. The following findings were reported with percentages.
- 70-90% of respondents want to learn more about money issues
- 91% want to know more about their rights and responsibilities
- 90% want to know more about saving
- 88% want to know more about recognising a scam
- 85% want to know more about planning for the financial future
- 84% want to know more about budgeting
- 84% want to know more about dealing with financial services providers
- 83% want to know more about getting information about money
- 83% want to know more about managing debt
- 82% want to know more about understanding financial language
- 80% want to know more about investing
- 73% want to know more about dealing with credit cards
These research findings are perhaps surprising, but if we never talk to students about these things, perhaps we should not be surprised. The fact that financial 'literacy' conversations with most students relate to a calculation, it is little wonder that many student may display lack of interest with the topic.
International: Research overseas shows similar findings. The best known and most referenced research is undertaken by Charles Schwabb.
The Teens and Money Survey includes the following findings.
- 86% of teenagers say they would rather learn about money management in a class before making mistakes in the real world.
- 75% of teenagers say that learning more about money management including budgeting, saving and investing, is one of their top priorities.
- 54% of teens want to know how income tax works
- 77% of teens think they are financially savvy, yet only 22% know how income tax works, 31% how credit card interest and fees work
- 44% of teens want their parents to talk about how to invest money, 42% how to establish good credit and 33% how to budget money effectively
These findings reflect students having interests in financial/wealth concepts much broader than the limitations of our curriculum. This is why we have partnered with specialist associations who can provide specialist knowledge and skills.
The Resource Pack
The resources are described in detail within the attachment below. It includes answers to the following questions?
- Do Australian students already get enough financial literacy education to prepare them for when they exit school?
- Why is it a School-Community Financial Life Skills program and not just focusing on students?
- What resources are included?
- How can a school incorporate the resources into the overall school program? (We provide 3 suggested models.)
- What quality control procedures are in place regarding resource development?
- Why are professional associations and businesses built into the business model?
- What are the fees for community sponsors?
- Does this model align with government policy?
- Does the School-Community Financial Life-Skills Program align with government priorities?
- Does involvement in the program align with the Australian Professional Standards for Principals?
- What are the potential benefits for schools, students, parents and the business community?