Calls to shake-up school curriculum on financial literacy

There are calls for an overhaul to the school curriculum to tackle declining financial literacy.

The latest survey on 'Household, Income and Labour Dynamics in Australia' shows the already dire gap between men and women's financial literacy has widened.

It's worse for youth; those aged 15 to 24 are falling even further behind than before.

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Money-saving guru Joel Gibson says it's not a shock.

"We're getting dumber when it comes to financial literacy, because we're not teaching it," he said.

He's part of growing calls for dedicated school classes to help teenagers become more financially savvy.

"If they don't learn these things in early life, it just becomes so much harder," he said.

"Where do we teach them once they're 20 or 30 something?"

The ESSI Money Game, for high school students, is one program hoping to change that.

It simulates 'real-world' financial decisions over six-months, such as setting up a bank account, applying for credit cards, while also putting users in situations like being targeted by scammers.

Katrina Samios, the chief executive officer of Financial Basics, says it's about helping kids practice in a safe, online virtual world.

"We want all young people to know that being financially-wise and making financially-sound decisions helps with wellbeing and financial freedom. It doesn't restrict freedoms, it creates freedoms," she said.

ESSI has been made free to 30,000 students across the country, every year, since 2017, thanks to Suncorp Bank.

In Sydney, Michelle Bowes is on a money mission of her own.

The personal finance writer is determined to help turn teens into Money Queens.

After writing a book, she now delivers presentations to schools.

"I realised that this next generation of girls was still facing the gender pay gap and the gender retirement gap that my generation had faced," Michelle said.

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Joel Gibson's advice for parents is to get children interested in finance from a young age.

His top tips:

1. Have a savings plan

2. Use three 'jars' to divvy up pocket money or earnings - into savings, spending and a good cause

3. Take advantage of high-interest saving accounts specifically for young people

4. Use a money-saving app such as Spriggy or Bankaroo.

Find out more about the the Financial Basics Foundation and ESSI Money Game here.

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