Students to be taught financial literacy skills

A personal finance expert has spoken of the need to teach money management lessons in schools.

This year sees "financial literacy" included in the national school curriculum for the first time, with teaching of the subject due to expand over the next three years.

Speaking to the Sydney Morning Herald about the initiative, Paul Clitheroe, chairman of Australia's Financial Literacy Board, pointed to the increasingly complex nature of money management.

"Thirty years ago, you only had one debt, you had a mortgage, and you'd pay it off over 30 years," he said.

"Credit cards didn't exist. Mobile phones didn't exit. Thirty years ago, only three per cent of the Australian population owned a share and you needed a referral to see a stockbroker."

Financial literacy lessons may help young Aussies to compare student banking and plan for life at university. According to Mr Clitheroe, many parents are unable to teach their children about money management because they are struggling with their own financial issues.

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