Richard Dowling (Tasmania, Australian Labor Party) Share this | Hansard source

Renowned researchers such as Annamaria Lusardi, Senior Fellow at the Stanford Institute for Economic Policy Research, show that financial literacy is lowest among disadvantaged groups and that strengthening financial knowledge helps narrow wealth gaps. Evidence from Peru reinforces this—students who learned financial skills became more financially autonomous and had fewer loan arrears years later.

These lessons extend beyond the classroom. When young people learn to budget and save, their families often follow. This is how we strengthen opportunity across generations. In Tasmania, teachers like Joy Russell and Neesha-Marie Hartog tell me students are eager for these skills, parents value these skills and employers are increase looking for them. Their experiences are echoed by organisations such as Business Educators Australasia. But access still relies heavily on dedicated individual teachers going above and beyond. That is why I support a nationally consistent approach introducing financial literacy earlier and embedding it from early years through to year 12.

Looking internationally gives us a sense of what is possible. Thiry-five American states now require financial literacy for graduation. New Zealand's Banqer program provides financial education resources across primary and secondary schools. The EU has developed a comprehensive competence framework. These examples simply show the scale of ambition that we can match. Australia has every opportunity to lead in this space. If we're committed to productivity, wellbeing and long-term prosperity, then financial literacy should be elevated as a national priority embedded in how we prepare young people for adulthood, supported across jurisdictions and championed across the community. Every young Australian deserves the confidence to navigate life after school with dignity and financial security.