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.