Apprentices and trainees keen to improve their money management skills now have access to an online training resource developed by the ASIC and launched today by the Federal Small Business Minister, the Hon Bruce Billson MP.
ASIC's new Be MoneySmart resource aims to help students in vocational education and training (VET) improve their financial literacy by better understanding personal taxation, superannuation, insurance, debt management and budgeting.
Minister Billson said, 'Time and time again, I hear of the need from both employers and employees for better financial literacy training. I am committed to making sure our country is the very best place to start and grow a business. It is vital that enterprising Australians who want to be out in the workforce can access the training they need to be their very best.'
ASIC Commissioner Greg Tanzer encouraged trainers and teachers working in TAFE Institutes, registered training organisations, group training organisations and schools to introduce ASIC's Be MoneySmart into their courses.
'Financial literacy is about empowering individuals so that they can confidently make financial decisions, manage financial risks and participate in our financial system', said Mr Tanzer.
'Developing good money habits early on will not only help trade students during their training, but throughout their careers. Making smart decisions about money is invaluable for those students who go on to be self-employed or employ others.
'ASIC's Be MoneySmart is also freely available to anyone offering training in money management skills including workplace training and small businesses,' Mr Tanzer said.
ASIC's Be MoneySmart resource was developed with assistance from Innovation and Business Skills Australia, the Australian Tax Office, Group Training Australia, Fair Work Building and Construction and Bendigo Kangan Institute.
'ASIC is grateful to the many key stakeholders who provided input and assistance in the development of this new resource,' said Mr Tanzer.
To access ASIC's Be MoneySmart resource,visit moneysmart.gov.au/teaching.
Background
ASIC is the Australian Government agency responsible for financial literacy, in support of its strategic priority to promote consumer and investor trust and confidence in the financial system. As part of this, ASIC is responsible for leading and coordinating Australia's National Financial Literacy Strategy 2014-17 and running a multi-dimensional program to improve the financial literacy of all Australians.
ASIC's Be MoneySmart resource for VET students is part of ASIC's financial literacy program and supports Strategic Priority 1 of the National Financial Literacy Strategy to educate the next generation, particularly through the formal education system.
ASIC's Be MoneySmart resource supports the delivery of the Certificate III Be MoneySmart (FNSFLT301A) elective unit of competency from the Financial Services Training Package. It consists of five modules which focus on practical skills such as understanding super entitlements, comparing credit options, researching the best insurance deal and setting up a system for tax receipts. Each module is built around real life examples and comes with a student workbook with activities and trainer/assessor guide. Students can complete any, or all of the modules.