The Jackson Five knew a thing or two about basic literacy and numeracy skills. You know those darn catchy lyrics!
“ABC/ It’s easy as, 1, 2, 3 / As simple as do re mi…” – Well, you know the rest. I apologise in advance if that song remains stuck in your head for the rest of the afternoon.
Speaking of numeracy skills, (my segue skills are on point today) financial literacy is becoming an increasingly worrying issue for many young Australians. According to The Conversation, a financial literacy assessment report found that around a fifth of 15-year-olds in Australia do not have basic financial literacy.
Hold up, what exactly is meant by the term ‘financial literacy’? Well it’s not as easy as ABC. It’s a whole lot of things. It’s the knowledge and understanding of financial concepts. It’s the ability to apply these concepts and make effective decisions across financial contexts. And it’s the ability to participate in economic life.
The report found that young people are doing worse in this area than previously thought, with students struggling to read payslips and detect financial scams.
Financial literacy and financial stability are two key aspects of an efficient economy. So it’s important that financial literacy becomes a main learning area, especially as the world goes digital. The Conversation believes that the answer is innovative lesson plans, using real world problems that children can relate to. Hopefully our kids will be singing Pi backwards and forwards in no time.
Words by Skye Jamieson