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					                              Consumer and Financial Literacy in the NSW curriculum

Focus Statement
The following outcomes and content form the basis within which Consumer and Financial Literacy could
effectively be implemented through the K-10 curriculum in NSW. The outcomes and content indicated for
each syllabus/course are only part of the outcomes and content provided for student learning.
NSW Board of Studies syllabuses can be found on website:
http://www.boardofstudies.nsw.edu.au/syllabus_sc/
Outcomes – key outcome/s relevant to Consumer and Financial Literacy (C&FL)
English          Introductory Statements
                 The aim of the English Years 7-10 Syllabus is:
                     to enable students to use, understand, appreciate, reflect on and enjoy the English
                        language in a variety of texts and to shape meaning in ways that are imaginative,
                        interpretive, critical and powerful.
                 The following suggestions may assist in promoting the need for financial literacy in the
                 English classroom:
                     integration into thematic/multidisciplinary units of work, such as ‘Myself’, where
                        financial literacy co-exists with a range of aims, objectives and strategies
                     the identification of resources currently used extensively in English classrooms
                        which have scope for the integration of financial literacy. These resources include
                        prose fiction, non-fiction and drama texts. Such resources can also provide the
                        basis of composing strategies which include aspects of financial literacy.
                     integration into the construction of argumentative texts such as debates, essays,
                        discussions
                     highlighting the opportunity for students to compose and respond to texts which
                        have a financial literacy component.

English              Stage 4 Outcomes/Essential Content
Years 7-10           Outcome 1 – 1.11, 1.12, 1.13
                     Outcome 5 – 5.2, 5.3
                     Outcome 6 – 6.1, 6.2, 6.3, 6.4, 6.5, 6.8
                     Outcome 7 – 7.1, 7.2, 7.3, 7.7, 7.15, 7.17, 7.18
                     Outcome 9 – 9.1, 9.2, 9.3, 9.7
                     Outcome 10 – 10.1, 10.2, 10.3, 10.5.
                     Stage 5 Outcomes/Essential Content
                     Outcome 5 – 5.2, 5.7, 5.8, 5.9
                     Outcome 6 – 6.4, 6.6, 6.7, 6.9
                     Outcome 7 – 7.1, 7.3
                     Outcome 9 – 9.1, 9.3
                     Outcome 10 – 10.1, 10.2, 10.3, 10.5.

Mathematics NES1.1               Use the              recognising that there are different coins and notes in our monetary
                                 language of           system
Years K-10
                                 money.               using the language of money in everyday contexts
Early Stage 1                                          eg coin, note, cents, dollars
(Kindergarten)
                                                     Working Mathematically (WM)
Stage 1                                               exchange money for goods in a play situation (Reflecting)
(typically Years 1    NS1.1      Sort, order and      using the face value of notes and coins to sort, order and count
and 2)                NS1.2      count money           money
                      NS1.3      using face value.    using the symbols for dollars ($) and cents (c)
                                                      performing simple calculations with money including finding
                                                      change and rounding to the nearest 5c

                                                   WM
                                                    determine whether there is enough money to buy a particular item
                                                     (Applying Strategies)
                                                    recognise that there are: 100 cents in $1, 200 cents in $2, …
                                                     (Reflecting)
                                                    recognise equivalent amounts of money using different
                                                     denominations eg 50c can be made up of two 20c coins and a 10c
                                                     coin (Reflecting, Applying Strategies)
                                                    calculate mentally to give change (Applying Strategies)
Stage 2                                             pose simple multiplication and division problems, including those
(typically Years 3                                   involving money (Questioning, Reflecting)
and 4)               NS2.2     Perform              pose problems that can be solved using addition and subtraction,
                     NS2.4     calculations          including those involving money (Questioning)
                               with money.          use estimation to check solutions to addition and subtraction
                                                     problems, including those involving money (Reflecting, Applying
                                                     Strategies)
                                                    interpret a calculator display in the context of the problem eg 2.6
                                                     means $2.60 when using money (Applying Strategies,
Stage 3                                              Communicating)
(typically Years 5                                  perform calculations with money (Applying Strategies)
and 6)               NS3.1     Apply the four       recognising different abbreviations of numbers used in everyday
                     NS3.3     operations to         contexts eg $350K represents $350 000
                     NS3.4     money in real-
                               life situations.    WM
                                                    use large numbers in real-life situations eg population, money
                                                     applications (Reflecting, Applying Strategies)
                                                    use the appropriate operation in solving problems in real life
                                                     situations (Applying Strategies, Reflecting)
                                                    question the meaning of packaging statements when determining
                                                     the best buy eg 4 toilet rolls for $2.95 or 6 toilet rolls for $3.95
                                                     (Questioning)
                                                    apply the four operations to money problems (Applying Strategies)
                                                    use mental strategies to convert between percentages and fractions
                                                     to estimate discounts (Applying Strategies)
Stage 4
                                                    calculate prices following percentage discounts
(typically Years 7
and 8)                                               eg a 10% discount (Applying Strategies)
                     NS4.2                         WM
                     NS4.3                          apply directed numbers to calculations involving money and
                                                     temperature (Applying Strategies, Reflecting)
                                                    choose the appropriate equivalent form for mental computation eg
                                                     10% of $40 is $4 (Applying Strategies)
                                                    solve a variety of real-life problems involving fractions, decimals
Stage 5.1
                                                     and percentages (Applying Strategies)
(expected that
almost all                                          evaluate best buys and special offers eg discounts (Applying
students will have                                   Strategies)
achieved Stage       NS5.1.2   Solve simple         calculating earnings for various time periods from different
5.1 outcomes by                consumer              sources, including:
the end of Year                problems              – wage
10. Different                  including those       – salary
groups of students             involving             – commission
will also achieve              earning and           – piecework
Stage 5.2
outcomes and
                               spending              – overtime
Stage 5.3                      money.                – bonuses
outcomes).                                           – holiday loadings
                               Calculate simple      – interest on investments
                               interest and find    calculating income earned in casual and part-time jobs, considering
                               compound              agreed rates and special rates for Sundays and public holidays
                               interest using a
                               calculator and       calculating weekly, fortnightly, monthly and yearly incomes
                           tables of values.    calculating net earnings considering deductions such as taxation
                                                 and superannuation
                                                calculating simple interest using the formula
                                                                                           r
                                                                      I  PRT where R 
                                                                                          100
                                                 where I is the interest, P the principal, R the annual interest rate
                                                 and T the number of years
                                                applying the simple interest formula to problems related to
                                                 investing money at simple interest rates
                                                calculating compound interest for two or three years by repeated
                                                 multiplication using a calculator eg a rate of 5% per annum leads to
                                                 repeated multiplication by 1.05
                                                calculating compound interest on investments using a table
                                                calculating and comparing the cost of purchasing goods using:
                                                 – cash
Stage 5.1                                        – credit card
(continued)                                      – lay-by
                                                 – deferred payment
                                                 – buying on terms
                                                 – loans
                                                calculating a ‘best buy’ (Applying Strategies, Communicating)
                                               WM
                                                read and interpret pay slips from part-time jobs when questioning
                                                 the details of their own employment (Questioning, Communicating)
                                                prepare a budget for a given income, considering such expenses as
                                                 rent, food, transport etc (Applying Strategies)
                                                interpret the different ways of indicating wages or salary in
                                                 newspaper ‘positions vacant’ advertisements eg $20K
                                                 (Communicating)
                                                compare employment conditions for different careers where
                                                 information is gathered from a variety of mediums including the
                                                 Internet eg employment rates, payment (Applying Strategies)
                                                compare simple interest with compound interest in practical
                                                 situations eg loans (Applying Strategies)
                                                interpret spreadsheets or tables when comparing simple interest and
                                                 compound interest on an investment over various time periods
                                                 (Applying Strategies, Communicating)
                                                realise the total cost and/or hidden costs involved in some types of
                                                 purchase arrangements (Applying Strategies)
                                                make informed decisions related to purchases eg determining the
                                                 best mobile phone plan for a given situation (Applying Strategies)
                                                interpret the GST on receipts (Communicating)


HSIE          Consumer & financial literacy sits primarily in the Social Systems and Structures strand in
K-6           the HSIE syllabus.
              Outcomes – SSES1, SSS1.7, SSS2.7, SSS3.7.
              Content linked to outcomes–
              SSSES1 - explains how to use money and participates in activities involving the use of money
              SSS1.7 - identifies the different forms of monetary exchange, eg cash, credit card, cheque.
               - identifies the difference between goods and services
              SSS2.7 - identifies the different technologies involved with monetary exchange
               - examines the contributions made by paid and unpaid workers and voluntary organisations in the
              community
               - describes ways in which people obtain goods and services in the local community
              SSS3.7 - examines some reasons for changes in work and industries in Australia, eg influence of technology
              on workplace practices
                - identifies some organisations that support employers and workers, eg associations, federations, unions
                - makes statements about global responsibilities, eg responsibilities of users and producers of goods and
               services, care of the planet, human rights
                - identifies some organisations involved with monetary exchange, eg stock exchange, banks, credit unions

               Years 7-10: See Commerce (below)

Technology     Technology (Mandatory) involves designing, producing and evaluating quality design
(Mandatory)    solutions. (P14) To satisfy the requirements of the syllabus students must undertake a
Years 7-8      range of practical experiences to occupy the majority of course time. Practical experiences
Syllabus       will be used to develop knowledge and understanding of, and skills in designing,
               producing and evaluating. (P20) Cross-curriculum content (P18)- ICT, Work, Employment
               and Enterprise, Key Competencies (using mathematical ideas and techniques).

               Objectives 1, 2, 5 (P13)
               Stage 4
               Outcomes (P13)                                         Content
               4.1.1 (P20)                                            Students Learn About:
               4.1.2 (P21)                                            design processes including
               4.5.1 (P24)                                            -managing resources
                                                                      factors affecting design-cost
                                                                      resource availability including-money
                                                                      management techniques including
                                                                      - action, time and budget planning

               Life Skills Outcomes                                   management throughout the process of
               LS1.1, LS1.2 (P42)                                     producing a design project
               LS5.3 (P48)                                            factors that influence design (available
               LS6.1 (P50)                                            resources-cost, skills, time)
                                                                      managing resources and time to complete a
                                                                      design project
                                                                      evaluating a design project in terms of
                                                                      -available resources
                                                                      -marketability

K-6 (Science   Stage 2 Knowledge, Understanding
&              BES2.1 Creates, models and evaluates built environments, reflecting consideration of functional
Technology)    and aesthetic factors.
               PSS2.5 Creates and evaluates products and services, considering aesthetic and functional factors.
               LTS2.3 Identifies and describes the structure and function of living things and ways in which living
               things interact with other living things and their environment.

               Stage 3 Knowledge, Understanding
               BES3.1 Creates and evaluates built environments, demonstrating consideration of sustainability
               and aesthetic, cultural, safety and functional issues.
               PSS3.5 Creates and evaluates products and services, demonstrating consideration of sustainability,
               aesthetic, cultural, safety and functional issues.
               LTS3.3 Identifies, describes and evaluates the interactions between living things and their effects
               on the environment.

Science        Stage 4 Knowledge, Understanding, Skills
Years 7-10     4.4 A student identifies choices made by people with regard to scientific developments.
               4.11 A student identifies where resources are found, and describes ways in which they are used by
                 humans
                 4.17 A student evaluates the relevance of data and information
                 4.19 A student draws conclusions based on information available
                 4.21 A student uses creativity and imagination to suggest plausible solutions to familiar problems.

                 Stage 5 Knowledge, Understanding, Skills
                 5.2 A student describes the processes that are applied to test and validate models, theories and laws.
                 5.4 A student discusses evidence supporting different viewpoints
                 5.11 A student analyses the impact of human resource use on the biosphere to evaluate methods of
                 conserving, protecting and maintaining Earth’s resources
                 5.17 A student explains trends, patterns and relationships in data and/or information from a variety
                 of sources
                 5.19 A student uses critical thinking skills in evaluating information and drawing conclusions
                 5.21 A student uses creativity and imagination in the analysis of problems and the development of
                 possible solutions.




Science – Years 7-10
Content - Knowledge & understandings and skills (including ICT) relevant to C&FL
Knowledge & understanding                 Skills
Stage 4                                   Stage 4
4.4 b) give examples to show that different       4/5.17 c) check the reliability of gathered data and information by
societal groups may use or weight criteria        comparing them with observations or information from other
differently to make a decision about an issue     sources
involving a major scientific component            4/5.17 d) organise data using a variety of methods including
4.4 e) discuss the place of social and ethical    diagrams, tables, spreadsheets and databases
considerations in scientific practice and in      4/5.19 a) justify inferences in light of gathered information
applications of science.                          4/5.21 a) seek evidence to support claims
4.11 a) distinguish between natural and made
resources
4.11 b) give examples of resources from living
things and resources extracted from the air,
Earth and oceans
4.11 d) identify renewable and non-renewable
sources of energy.

Stage 5
5.2 b) distinguish between scientific argument    Stage 5
and economic or legal argument                    4/5.17 f) identify trends, patterns, relationships and contradictions
5.4 e) discuss the place of social and ethical    in data and information
considerations in scientific practice and in      4/5.17 g) apply mathematical concepts and computer based
applications of science.                          technologies to assist analysis of data and information.
5.11.1 b) identify properties that make some      4/5.19 c) predict outcomes and generate plausible explanations
natural resources economically important and      directly related to observations made
describe their uses.                              4/5.19 f) use models, including mathematical ones, to explain
5.11.2 c) discuss strategies used to balance      phenomena or make predictions
human activities and needs in ecosystems with     4/5.19 g) use cause and effect relationships to explain ideas
conserving, protecting and maintaining the        4/5.21 a) seek evidence to support claims
quality and sustainability of the environment.    4/5.21 b) evaluate evidence for reliability and validity
                                                  4/5.21 c) produce creative solutions for problems
                                                  4/5.21 d) propose ideas that demonstrate coherence and logical
                                                  progression
                                                  5.21 e) apply critical thinking in the consideration of proposals
                                                  5.21 f) formulate cause and effect relationships.
Years 7-10 Commerce
Commerce is an elective subject in the NSW curriculum; therefore it is not studied by every student in
Years 7-10. Commerce is one of the most popular elective subjects with approximately ¼ of all Years 9-10
students studying Commerce.
Commerce is a very effective syllabus for students to build on and deepen their knowledge and skills of
consumer and financial literacy gained from the mandatory curriculum. The rationale for Commerce states
‘Through the study of Commerce students develop financial literacy which enables them to participate in
the financial system in an informed way.’

Outcomes – key outcome/s relevant to Consumer and Financial Literacy (C&FL)
Commerce           5.1, 5.2, 5.4, 5.5, 5.6, 5.7

Content – Knowledge & understandings and skills (including ICT) relevant to C&FL
Knowledge & understanding                     Skills
Core topics – 1.1 & 1.2                       Core topics – 1.1 & 1.2
Optional topics – 1, 2, 3, 4, 5, 7, 8, 9, 11. Optional topics – 1, 2, 3, 4, 5, 7, 8, 9, 11.

				
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