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Financial Skills Assessment Results are In
The Financial Skills Assessment is a free, online tool offering immediate feedback for students and their teachers about financial understanding in line with levels consistent with the national financial literacy framework. Around 5000 students from more than 100 schools nationwide had completed the assessment when the results were reviewed in March.
Upper primary children who have undertaken the MakingCents financial literacy program scored higher. Primary students who have undertaken a financial literacy program like MakingCents scored higher overall, and children who did MakingCents scored higher on the more difficult questions.
Some results of the Financial Skills Assessment included;
- Over 90% of upper primary school students understood the importance of saving and were able to identify; why people save, how to reduce spending to increase savings, and savings strategies.
- 88% of students understand the importance of security when it comes to pin numbers for ATMs and for internet banking.
- On the downside, the Financial Skills Assessment showed 82% of students experienced difficulty converting simple maths calculations into concepts involving money. Examples include calculating change, calculating an account balance and calculating mobile phone charges.
Click here to view the Media Release.
