Sharon Taylor|Suzanne Wagland
The Solution to the Financial Literacy Problem: What is the Answer?
Western Sydney University|Western Sydney University
last two decades need financially literate population grown importancehence australia imperative individuals possess financial knowledge capability make sound financial decisionsin contrast results australian new zealand bank anz surveys 2003 2010 demonstrated substantial deficiency level financial literacy amongst many australian populationboth government private sector encouraged development financial education programs important tool remedying detected low levels financial literacy reported anz researchthe australian security investment commission asic government regulator strongly promoted need develop confident informed consumers investors provision quality financial educationasics focus reiterated report 229 national financial literacy strategythis report announced march 2011 set strategy development delivery initiatives improve financial literacy levels australia asic 2011in particular national strategy developed improve level financial literacy among australian studentsthe focus incorporating financial education existing school curriculum beginning kindergarten year 12 studentsthe aim research paper challenge ask questions relating australian governments financial literacy strategy directed schoolsthis direction would appear limited support success given evidence published usa limited extent united kingdom europethis study reviews current evidence available australia usa relation financial literacy projects schoolsin respect international experience paper explores possible reasons limited success cases failure deliver desired outcomesin australia academic research possible effectiveness teaching financial literacy school levelgiven usa research initiatives paper seeks question policy direction government australiathis paper also challenges validity current australian approachthe emphasis placed upon school financial literacy programs defies wealth evidence overseas failed identify measurable improvement financial knowledge attitudes behaviour result imbedding financial literacy school education curriculum