Why Australian Teens Aren't Learning Money Skills

One in three Australians struggle to pay their bills. Nearly half say that financial stress is their biggest worry - greater than concerns about relationships or work. Most concerning is that financial literacy rates are falling, particularly amongst young people.

Australian students learn algebra and analyse Shakespeare, but lessons on budgeting, compound interest, or avoiding debt traps, rarely feature in their education. For most students, meaningful financial education simply doesn't happen.

Financial literacy is technically included in the curriculum, but it's not taught as a standalone subject. Whether students receive proper money skills education depends entirely on individual schools and teachers. Implementation is inconsistent across the country.

The situation represents a significant decline. Two decades ago, Australia was a world leader in financial education, helping create global frameworks that other countries still follow.

Today, over 70 countries, including Australia's major trading partners, have national strategies to teach money skills. Australia has none.

Programmes like Talk Money are attempting to address the gap, delivering free workshops in 1,500 schools nationwide. The organisation has conducted 11,500 workshops to date. However, teachers consistently report needing additional training and resources to deliver financial literacy lessons effectively.

The result is a generation of students graduating into an increasingly complex financial world, without essential money management skills. Unlike core subjects such as maths or English, there's no coordinated national plan to change this situation.

Financial decisions made in the teenage years and early twenties, from managing first wages to understanding superannuation, can significantly impact long-term financial wellbeing.