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Legislative Assembly for the ACT: 2021 Week 02 Hansard (Wednesday, 10 February 2021) . . Page.. 397 ..

Education—financial literacy

MR DAVIS (Brindabella) (3.01): I move:

That this Assembly:

(1) acknowledges that:

(a) the ACT Government has been consulting with students, the Australian Education Union, the ACT Council of Parents and Citizens Association, and the ACT Principals’ Association on the provision of financial literacy education in public schools and the implications of the Financial Services Royal Commission and the Australian Securities and Investments Commission (ASIC) recent report on their review into school banking programs;

(b) ACT public schools already utilise ASIC’s MoneySmart program, including curriculum resources, lesson plans and professional learning, which are highly valued by teachers; and

(c) the ACT Government has been collaborating with ASIC to ensure students have access to best-practice financial literacy education;

(2) notes the December 2020 release of the ASIC report on its review into school banking programs, finding that:

(a) school banking programs are used as a key strategic tool by banks and financial institutions to market their products to young children;

(b) there is no evidence that school banking programs improve the financial literacy or savings habits of children;

(c) banks and financial institutions use sophisticated marketing techniques through their school banking programs to target young children who are vulnerable consumers; and

(d) banks and financial institutions make payments to schools to encourage them to get students to participate in school banking programs and in return use school resources and volunteers to market their products to their students;

(3) further notes that:

(a) during the Future of Education consultations where the ACT Government heard from over 5,000 community members, students said that they want to learn real life skills, including financial skills;

(b) building financial literacy from childhood is important for long-term social and economic stability and equality;

(c) the Foundation to Year 10 Australian Curriculum provides for financial literacy education; and

(d) MoneySmart and the Australian Curriculum, Assessment and Report Authority have both developed comprehensive financial education resources for teachers to implement the Australian Curriculum without the need for banking and financial institutions to run school banking; and

(4) calls on the ACT Government to:

(a) continue to work with students, the ACT Council of Parents and Citizens Association, the Australian Education Union ACT Branch, and the ACT

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