Show us the money: summit builds momentum for national financial wellbeing approach

Building lifelong financial confidence starts in primary school, and it was with this in mind that the inaugural National Financial Wellbeing Summit, which took place last week, highlighted the growing support for a nationally coordinated financial strategy as way of improving Australians’ financial and overall wellbeing. 

The event, coordinated and organised by Ecstra Foundation, emphasised the importance of building an integrated approach to financial wellbeing by supporting individual financial capability, while also addressing the broader systems, policies and market structures that shape people’s financial lives. 

Bringing together leaders from government, business, education and community sectors, the discussion was focused on practical approaches to help build a better financial future for all Australians.

Ecstra Foundation CEO Caroline Stewart, said the summit came at a time of national momentum around improving financial wellbeing and literacy, particularly for young people.

“There’s increasing demand for practical, engaging financial education,” Stewart explained.

“We know that starting money lessons early builds lifelong knowledge and capability, and programs like our own Talk Money school workshops are helping normalise these conversations in classrooms and at home.”

Financial wellbeing, Stewart said, is about much more than managing money.

“It’s about having the confidence, access, and opportunity to make choices that support your life and future,” she explained.

“With so many external economic threats and a rapidly changing financial world, we need to strengthen both the individual skills people rely on every day, and the systems that should support financial security.”

Ecstra Foundation’s Dr Tracey West says at present a student can go through most of their schooling without dedicated financial literacy learning.

Australia has been a leader in the financial education space for many years, Stewart said, and can be into the future.

“It was clear from the Summit there is strong support for a more coordinated, national approach to financial capability,” she said.

“This would connect education, policy, and community initiatives to help every Australian build lasting financial wellbeing.”

Assistant Treasurer and Minister for Financial Services, Dr Daniel Mulino delivered a pre-recorded message, and ASIC Commissioner Alan Kirkland a keynote, and sessions examined the drivers of economic inequality, the balance required between regulation and education, and how greater cross sector collaboration can influence financial, mental, and social health outcomes. 

A key focus was on the importance of embedding financial education across schools, homes, and workplaces, to ensure young people develop the skills and confidence they need to make informed financial choices at key life stages. 

Speaking at the summit, Roset Khair, vice president of Economics and Business Educators NSW, a leading advocate for financial literacy education, said there is growing support for schools to embed financial capability in the classroom.

“Financial literacy is an essential life skill and a foundation for overall wellbeing,” said in his speech.

“Teachers see first-hand the positive impact when their students can connect financial concepts to real world decisions.

“Supporting schools-based programs are vital because they provide schools with curriculum aligned resources and tools to teach these skills effectively, while helping to build a culture where learning about money is normal and empowering.”

Stewart said the summit was an opportunity to connect classrooms, workplaces and communities with broader systems change.

“Talk Money is just one part of a bigger picture, to ensure every Australian has access to financial education, and that the systems around them support financial inclusion and wellbeing,” she said.

“Events such as the summit show what is possible when education, policy, and community come together with shared purpose.”

Last month EducationHQ spoke to Dr Tracey West, Financial Education Manager at Ecstra Foundation, and she explained that despite teachers, parents and students overwhelmingly wanting financial literacy to be taught more in schools, the reality is it’s not happening in the nation’s crowded curriculum.

She said that of great concern is the fact that the current curriculum approach to financial literacy is “fragmented” and “dispersed across several learning areas”.

Rather than being piecemeal across a broad range of curriculum areas, she’d love to see it given priority as a stand-alone.

“I think it needs to be a specialty semester-long subject, where when, if that is required in the curriculum, say around that Year 9 or Year 10 level, then the teachers responsible for that have to have some support, some professional learning, [a support network], some curriculum guidance laid out for them, so that it can be taught with confidence and the essential foundational skills and knowledge taught to get students feeling more comfortable with doing this sort of thing.

“The issue is also teacher confidence and that there aren’t the wraparound resources to help them provide the financial landscape and context for this.”

West said many young people were leaving school disillusioned that they’re not prepared for life after school.

“We need a national approach that helps families, schools and community learn more about financial literacy and get those money/life skills they need for key decision points in life.”