School students in NSW will be given the opportunity to fine tune their financial literacy skills and learn about ways to secure their own future, including through initiatives like the new Kids Future Fund account, under a plan from the NSW Liberal and Nationals Government.
Under this Liberal and Nationals plan:
- The NSW Treasurer's Financial Literacy Challenge, launched in 2022 for students from Kindergarten to Year 10, will be expanded to include Years 11 and 12 students under a new partnership with Chartered Accountants Australia and New Zealand.
- Content for Kindergarten to Year 10 students will also be updated to ensure students understand, and are able to make the most of, financial initiatives such as the new Kids Future Fund account.
Premier Dominic Perrottet said that boosting financial literacy skills of students would help give them a head start in securing their own financial security.
"Students in Years 11 and 12 often have casual or part-time jobs, and are considering their next steps after school whether that be university, vocational education and training, or work," Mr Perrottet said.
"This initiative will ensure students in all year groups can get crucial knowledge about managing their money, including taxes and super, emerging technology, and financial cyber security.
"We will ensure students have access to vital skills so they can futureproof their finances and give them a head start in life.
"This is all about empowering our children with the knowledge they need to set themselves up financially and ensuring they're able to make the most of initiatives like the new Kids Future Fund, so they can make informed financial decisions based on their own circumstances."
Treasurer Matt Kean welcomed the new partners and the increased focus on job-ready skills the expanded Challenge would deliver.
"This expansion will be targeted at older students who are our future entrepreneurs, innovators and industry leaders," Mr Kean said.
"The Challenge provides students with the skills they can use when they enter the workforce and throughout their life as they make important financial decisions."
Minister for Education and Early Learning Sarah Mitchell said the Challenge activities would complement the existing financial literacy learning that senior students do in the classroom.
"The activities in the expanded Treasurer's Financial Literacy Challenge will be aligned to the NSW curriculum and provide students with a chance to dive deeper and gain more industry-approved knowledge," Ms Mitchell said.
"The current Challenge has already proven a success, with more than 14,000 students across the State registered in 2022, so we know this expansion will be warmly received by senior students."
The Challenge will remain online, self-paced, and voluntary. Students will be issued with a certificate when they have completed the Challenge.
The expanded Challenge would be available for the 2024 school year.
