Research by the La Trobe Business School and funded by the Victorian Commercial Teachers Association has identified the barriers to effective delivery of economic and financial literacy education in Victorian secondary schools – paving the way for strategic initiatives to empower educators and young people.
“Despite the inclusion of economics and business in the Humanities learning area of the Victorian middle school curriculum, there remains a notable gap in financial literacy among young adults in Australia, as highlighted by the Household, Income and Labour Dynamics in Australia (HILDA) Survey,” says lead researcher, Professor Suzanne O’Keefe.
“This is particularly concerning given rising living costs and inflation.”
The research team – consisting of Professor O’Keefe, Associate Professor Buly Cardak, Dr David Walker and Dr Yen Dan Tong – showed that a crowded curriculum, insufficient training, and resource scarcity are the key contributors that lead to a lack of economic and financial literacy education in secondary schools.
“Based on our findings, the Victorian Commercial Teachers Association developed a comprehensive strategy aimed at enhancing economics and financial literacy education in years 7-10 across Victorian schools,” says Professor O’Keefe.
The strategy also involved the implementation of a professional development program funded by the Victorian Department of Education, designed to equip educators with the necessary resources, skills and confidence to effectively deliver economic and financial literacy education.
Encouraged by the success of the program and its outcomes, funding for the program has been extended into 2024 and 2025, with a focus on reaching more teachers in Victorian regional and rural schools.
“It’s incredibly rewarding to see the transformative impact of our research and know that we have made a contribution to improving the economic and financial literacy of young people,” says Professor O’Keefe.
