‘We are missing the mark’: Schools urged to add financial literacy to curriculum as cost of living bites

Students are missing out on critical life leanings setting them further behind, as schools do not teach kids basic financial literacy. The current school system is falling short of teaching students basic financial literacy, adding to problems such as the current cost of living crisis. Southern Cross teacher and Sutherland Shire councillor Peter Tsambalas backed the current education system but said financial education needs to be added to the curriculum. “If kids are missing out because they aren’t doing commerce in school and they are trying to pick up life skills through maths and compound interest equations, then we are missing the mark,” Mr Tsambalas told NewsWire. Using the example of his own kids who learnt the 80/20 rule – of spending 80 per cent and saving 20 per cent – have built more financial resilience to the current cost of living crisis. “Once students get into a habit of saving and making something happen through investing, it becomes a habit, then a lifestyle and you’re ahead of the curve,” Mr Tsambalas said. Mr Tsambalas, speaking ahead of the FinEd Forum 2024, featuring high-profile speakers including the NSW Treasurer Daniel Mookhey, said he would like to see financial education added to the core leanings at school. “We want to put pressure on the governments to put more resources into this area in schools,” he said. Mr Tsambalas said it is important students are empowered to make decisions to live a resilient life, with financial literacy one tool not given to current students. “It’s dangerous, when parents aren’t taught financial skills at school and are trying to teach their children these skills” he said. “I don’t want it to be generational poverty, but believe you me, if we have an issue with housing affordability, that is going to have an issue on relationships and overall happiness for these students.” The call comes as FinEd Forum 2024 teaches educators strategies to address issues facing school students such as cost-of-living pressures, managing debt, and navigating digital transactions. Mr Tsambalas noted the forum’s timely relevance in equipping students with essential personal finance skills. “Financial education has never been more crucial. Today’s students are navigating unprecedented cost-of-living pressures, and having the knowledge to manage these challenges is essential. “Together with Ecstra Foundation, we’re creating a forum that equips educators to better prepare students for everyday financial challenges, with wellbeing and happiness at the heart of the learning experience,” Mr Tsambalas said