Singleton Primary school students will soon be giving their parents tips and tricks to handle their finances thanks to a new educational program.
The school is trialling Money Smart, a national initiative by the Australian Securities and Investments Commission, to introduce consumer and financial literacy into schools.
ASIC defines financial literacy as understanding money and finances and being able to confidently apply that knowledge to make effective decisions.
A team of four ASIC Money Smart professionals visited Singleton Primary School to see the students taking part in program.
ASIC ACT Regional Commissioner Peter Cuzner said the program incorporated finance into English, science and maths and taught children how to make informed decisions about money.
“What is really good about the program, as a learning tool, is it connects students’ real life experiences and interactions in the world they are living in with learning in the classroom,” he said.
WA Money Smart project officer Sheila Griffin said in a digital world it was hard for children to develop an understanding money.
“We live in a credit card world where money is becoming invisible,” she said.
“The program is about teaching students about saving, spending, donating and investing.”
Ms Griffin said students were asked several questions to discover their base knowledge of finance and would be quizzed again next year to gauge improvement.
“The common answers for kindy to Year 3 (students) were that money grows on trees and gets changed into plastic, money comes from the ground and money comes from the bank,” she said.The visit coincided with the introduction of the program to high schools in the area. ASIC will use information gathered from the trial period to improve the program before its release in 2014.