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Phil

Phil McGilvray

Year of Award: 2018 Award State: Australian Capital Territory Business > Finance And Insurance
Education > General
The Park Family Churchill Fellowship to investigate innovative methods of equipping teenagers with essential financial skills for life - USA, Canada, UK
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Conclusions and Recommendations:

There is no easy answer to the financial illiteracy problem facing young Australians; however, there is a lot we can learn from what is happening overseas. Here is a brief summary of my recommendations:

  1. There must be greater recognition of the importance of teacher training in financial education outcomes. This means more funding, more research and more recognition by policy makers that teacher training needs to become a priority.
  2. To effectively bridge the gap between knowledge and behaviour, financial education needs be hands-on and competency-based, similarly to the way a trade apprenticeship works. Knowledge needs to be taught hand in hand with practical application.
  3. Parent engagement enhances financial education outcomes. Where possible, financial education programs should be created in a way that encourages and invites parents to participate in projects and discussion and offers their children real world learning opportunities outside the classroom.
  4. As a major life skill, personal finance needs to be taught very differently to traditional academic topics. Personal finances lessons need to be practical, high energy and highly interactive, focusing on real world examples that students are confronted with every day.
  5. There is great learning and momentum that comes through collaboration. Australia would benefit greatly from opportunities for stakeholders across all areas of financial education to connect, share resources, discuss ideas, hear about the latest research and showcase the work they are doing.
  6. There needs to be greater recognition at a government, policy maker and community level of the social, economic and health impacts of financial illiteracy. This recognition then needs to be translated into proactive policy, increased funding and increased support for research.

Keywords: Financial literacy, financial capability, financial wellbeing, financial education, teenagers, young adults, practical money skills, parents, teachers

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