Most students lack knowledge when it comes to financial literacy and have little understanding of concepts such as superannuation or savings, new research from Griffith University reveals.
Co-author and lecturer in finance and financial planning in the Griffith Business School, Tracey West, believes financial literacy should be embedded in the curriculum.
"Students rely on their parents for financial advice but some students live with other carers, school is what would provide structure to everyone," West told Education Review.
According to West, students touch upon financial concepts such as interest rates or the cost of a loan via some of their assignments. Yet, she says having financial literacy concepts embedded in a maths class creates barriers and highlights a gender gap, with girls being less confident than the boys due to the formula.
"We need to take the formula out, explain the concept and embed it in a story or into something more memorable," says West.
West joined Education Review to discuss financial literacy in schools and how it affect a student's future.
Email [email protected]