Ecstra Foundation, which is committed to building the financial wellbeing and literacy of Australians, held its inaugural FinEd Forum 2024 at Southern Cross Catholic College Burwood in Sydney on Friday November 15, 2024.
The event brought together principals, teachers, and educators from across the country explore strategies for integrating financial literacy into student learning experiences.
The event was emceed by Effie Zahos, Ecstra Foundation director and one of Australia’s leading personal finance commentators. Throughout the day over 20 educators and exhibitors shared their approaches to financial literacy in children’s education and development.
The forum featured keynote addresses from Hon. Daniel Mookhey, Treasurer of NSW and Caroline Stewart, CEO of Ecstra Foundation. Mookhey shared how his high school economics teachers greatly influenced his career choices and understanding of finances. The Treasurer emphasised the critical role of educators in teaching students’ financial literacy, providing them with the knowledge and skills they need to navigate money now, and into the future.
Caroline Stewart, CEO of Ecstra Foundation, also launched the 2025 Financial Literacy in Action Awards, which are designed to recognise and celebrate the outstanding efforts by teachers to promote financial literacy in Australian classrooms.
Peter Tsambalas, an award-winning financial literacy educator at Southern Cross with over 20 years of experience teaching Economics, emphasised the forum’s timely relevance in equipping students with essential personal finance skills.
He said, “Financial education has never been more crucial. Today’s students are navigating unprecedented cost-of-living pressures, and having the knowledge to manage these challenges is essential. In partnership with Ecstra Foundation, Southern Cross is at the forefront of proactively addressing students’ needs with skills that are applicable to life-long success."
Fostering a ‘Whole of system’ approach to financial literacy
In her keynote address, Caroline Stewart emphasised the importance of a holistic approach to financial literacy, calling for more financial education to be embedded across the national school curriculum.
“Declining financial literacy levels in Australia require a greater focus across all levels of government to ensure young Australians are taught about finance, understand basic money concepts and can make informed financial decisions. This needs to start in primary school and be reinforced at key life stages,” says Ecstra Foundation CEO Caroline Stewart.
"Financial literacy is a core life skill. Without a more coordinated approach, levels will continue to decline, especially among young people. A national approach would that involve educators, community organisations, industry d government stakeholders," said Ms Stewart.
"While financial literacy is included in some subjects like maths and commerce, students often have limited exposure as they progress through school. Elevating financial literacy to a stand-alone compulsory unit in key school stages would be a welcome start."
Forum participants attended workshops on diverse topics such as gamification in education, entrepreneurship, fostering money confidence, and integrating financial literacy into various subjects. The forum also featured a panel session on the role of tax in supporting financial wellbeing and how it can be incorporated into student learning.
Ecstra Foundation offered ten travel bursaries of $500 each for educators from outside Sydney’s metropolitan area to ensure broad participation in the event.
The FinEd Forum 2024 event comes at a time when Australians are facing increasing economic pressures such as rising costs of living and vulnerability to financial scams and the advent of new financial products such as crypto and other digital currencies.
Ms. Stewart concluded by highlighting the urgent need for the Australian Government to step up and recommit to the National Financial Capability Strategy, which is currently dormant.
“A lead agency could drive the strategy and outcomes including leading the efforts of the many organisations working to support consumers, and clearly communicate the benefits of a national approach working to build the future economic security and wellbeing of all Australians,” Stewart says.
For more information about Ecstra Foundation, or the FinEd Forum 2024, please visit https://www.ecstra.org.au/
