National Consumer and Financial Literacy Framework

Requirements under the National Goals for Schooling in the 21st Century.

Please scroll to the bottom of the page for contacts and links

Do you need to comply?

Yes, under the commitment to the National Goals for Schooling in the 21st Century.

Conditions of compliance

The National Consumer and Financial Literacy Framework has been developed for the Ministerial Council for Education, Early Childhood Development and Youth Affairs (MCEECDYA) to articulate further the learning needed to fulfil the National Goals of Schooling in the 21st Century.

Consumer and financial literacy is the application of knowledge, understandings, skills and values in consumer and financial contexts and the related decisions that impact on self, others, the community and the environment.

If you have to comply, what do you have to do?

Schools are expected to have implemented the Framework by 2008.

The Framework is designed to:

  • inform the Statements of Learning that have been agreed to by MCEECDYA
  • provide guidance to states and territories in the development of their curricula for Years K-10
  • provide guidance to developers of support materials and the professional development of all teachers of consumer and financial literacy.

This multidisciplinary framework relates also to employability skills and will assist in achieving national consistency in curriculum, resources to support that curriculum, and professional development to support teachers of consumer and financial literacy.

The Framework has four dimensions of consumer and financial literacy. The dimensions are:

  • Knowledge and understanding is about the nature and forms of money, how it is used and the consequences of consumer decisions
  • Competence is the application of consumer and financial knowledge and skills in a range of changing contexts
  • Enterprise is the opportunity to use initiative, build financial capabilities and manage risk taking when making consumer and financial decisions
  • Responsibility is appropriate consumer and financial decisions that display care for self, others, the community and the environment.

The Framework is organised around Descriptions of Learning at four junctures – years 3, 5, 7 and 9.

What are the consequences if you don’t comply?

Independent schools receive funding from the Australian Government under the Schools Assistance Act 2008 subject to the conditions that are set out in the Act. To receive funding, the school must sign a funding agreement with DEEWR covering the 2009-2012 quadrennium.

The commitment to the National Goals for Schooling in the 21st Century is a condition under the Act.

Who will help you?

Independent Schools Victoria contact:

Aine Maher
Director, Education Services
Ph. 03 9825 7226
aine.maher@is.vic.edu.au

Links and Resources

External linkMCEECDYA: National Consumer and Financial Literacy Framework