Wednesday, 8 March 2023

Financial literacy

Matthew BACH (North-Eastern Metropolitan) (18:23): (91) President, I recently had a fantastic and instructive meeting with a local group in Heathmont in our shared electorate. In particular they wanted to talk with me about the teaching of maths, the teaching of financial literacy specifically. This group was particularly concerned that millennials like me are currently experiencing such high levels of debt – the highest levels of debt in Australia’s history, with average personal debt, I am advised, exceeding $56,000. It was put to me that we are also seeing the lowest numbers in Australian history of young people in particular seeking to buy their own home. As a millennial with a mortgage, after about 500 interest rate rises I can understand why. But in my broader discussions with those who have worked long in education, as I have done and as Mrs Hermans has done, it is really clear that classes in financial literacy can be a great aid, especially to young people as they seek to navigate oftentimes really complex systems.

The action that I will seek tonight is for the Minister for Education. The action that I seek specifically is for her to say whether she would support more teaching of financial literacy in Victorian schools. There is currently a process underway that has been initiated by the federal minister Mr Clare as we are coming to the conclusion of our current reform agreement. I do think there is opportunity now to look at the curriculum and to see if it is either advisable in the minister’s view or the department’s view or possible within the confines of the curriculum to do more in this case.

While I have just a moment and I am talking about education, I had the most wonderful time back at my old school, Ivanhoe Girls Grammar, just last week talking with year 6 students. I confess given the smarts on display from this large group of year 6 students it did not seem to me that they needed any extra tuition in financial literacy or anything else. They wanted to talk with me about a range of issues and seek my views and express their own on a range of issues, including duck hunting – they generally were not in favour – bail reform, the age of criminal responsibility, differences between different political parties and also public transport. It was great to be back on my old turf and talking with young people once again.