Module: Delivering ASIC's Be MoneySmart

Teaching money management skills

This module is for teachers, trainers and community educators using ASIC's Be MoneySmart VET resource with learners.

It is designed to help you:

  • gain a detailed knowledge and understanding of ASIC's Be MoneySmart resource
  • understand how the program maps to the unit of competency FNSFLT301 Be MoneySmart (part of the Financial Services Training Package)
  • consider strategies to deliver the Be MoneySmart resource in accredited and non-accredited settings
  • understand the flexibility of the program and how to deliver the topics in a meaningful way to your learners

This module aligns with the Australian Professional Standards for Teachers supporting teacher registration and renewal requirements. On completion of the module, a certificate of achievement and your learning journal are available to download or print.

Estimated total completion time: 2 hours

Delivering ASIC's Be MoneySmart

What is ASIC's Be MoneySmart resource?

Experts discuss the VET program

ASIC's Be MoneySmart resource aims to help students in both vocational education and training (VET) and non-VET contexts to improve their financial literacy by better understanding personal taxation, superannuation, insurance, debt management and budgeting.

ASIC's Be MoneySmart provides tools and resources to support the delivery of the unit of competency FNSFLT301 Be MoneySmart.

This unit can be imported into a variety of other courses or can be used as part of the Certificate III in Financial Services qualification (FNS30115). The tools and resources contained in ASIC's Be MoneySmart resource can also be used in non-accredited general money management skills programs.

Watch this video for an introduction to the program by a range of VET experts. (1.01 mins - video transcript)

Overview of the resource

ASIC's Be MoneySmart is a five module video based resource, with supporting student work books for each module and a trainer/assessor guide.

The five online modules are:

  • Saving, budgeting and spending - Students establish savings goals, create a budget and a savings plan.
  • Personal tax - Students establish a system for storing receipts and work through tax topics so they can prepare a return.
  • Superannuation - Students compare super funds, work through a super statement and learn how to keep track of their super.
  • Debt management - Students compare debt products, learn to manage credit cards and find out what to do if debt becomes a problem.
  • Insurance - Students investigate car, home and content insurance and learn how to choose the right type of insurance and level of cover.

Overview of ASIC's Be MoneySmart

Important

  • You will need to register and create a MoneySmart log-in to continue past page 4.
  • You must complete each page prior to progressing to the next page.
  • Your overall progress will be saved automatically, so you don't need to complete the entire module in one sitting. Your progress will be saved when you move to the next page.
  • Your responses to questions will be compiled into a personal learning journal, which you can use after you have completed the module to reflect on what you have learned and consider what steps you might take next.

Module overview

Section 1: Introduction

Duration: 30 minutes

Participants will understand:

  • ASIC's Be MoneySmart resource
  • The importance of financial literacy
  • The Foundation Skills requirements of the Be MoneySmart unit of competency FNSFLT301

Section 2: Exploring individual modules

Duration: 75 minutes

Learning outcomes:

  • Understand each module in ASIC's Be MoneySmart resource
  • Undertake activities associated with each module
  • Reflect on opportunities to enhance the learning experience for learners

Section 3: Summary

Duration: 15 minutes

Learning outcomes:

  • Reflect on your learning and how you will use this resource with your learners
  • Provide feedback on the program

Registration process

Provide your details

To continue with this module, you need to complete a simple two step process:

  1. Create a MoneySmart account: Create an account or login to an existing account to save and retrieve your responses.
  2. Complete the registration form: Complete the form below so you can print your learning journal and receive recognition for completion of this module with your organisation or teacher registration board. If you do not have a teacher registration number or your organisation does not have an RTO or ACARA ID please type NA in the box. All boxes require completion in order to progress to the next slide.

Privacy statement

Registering to undertake this online module may involve the collection of certain personal information including your name and email address. You can find information about ASIC's collection and handling of your personal information by consulting ASIC's Privacy Policy. ASIC's MoneySmart Teaching is the only national Australian Government Consumer and financial literacy education program supported by State and Territory Education Departments. Each State and Territory has appointed a dedicated Project Officer for the Program who are available to support and assist teachers and schools in teaching consumer and financial literacy.

ASIC may disclose the personal information you provide on this registration page to the nominated Project Officer in your school state or territory so that the Project Officer can provide further information and support to you. In addition, where you have undertaken this learning module as part of your teacher professional learning, ASIC may disclose your personal information to the relevant teacher registration authority of your State or Territory to verify completion of the module. By registering to undertake this online module you consent to ASIC disclosing your registration information to the nominated Project Officer and or the teacher registration authority in the State or Territory in which you are located. View the current list of Project Officers which maybe updated from time to time.

Registration form

{field:personFirstname}

{field:personSurname}

{field:personEmail}

{field:orgType}

{field:personTeacherNumber}

{field:personOrg}

{field:schoolID}

{field:personState}

{field:personCountry}

Delivering ASIC's Be MoneySmart

What is financial literacy?

Video about financial literacy

Financial literacy is a combination of financial knowledge, skills, attitudes and behaviours necessary to make sound financial decisions, based on personal circumstances, to improve financial wellbeing.

Watch the video to gain an understanding of the importance of financial literacy education. (2.41 mins - video transcipt)

Being financially literate

People need the skills and knowledge to make informed and effective financial decisions that have a positive impact on them as individuals and those around them.

For learners, some of the outcomes of being financially literate include:

  • being able to manage personal finances after leaving school and entering the workforce
  • decreased course drop-out rates related to financial pressures
  • being able to transition into self-employment or starting a business.

Section 1: Introduction

Are you MoneySmart?

This activity is designed to measure your current understanding and awareness of financial literacy resources. You will be asked these questions again when you have completed this module.

Activity 1.1 : Are you MoneySmart?

{field:rate}

{field:confidence}

{field:awareness}

{field:strategies}

{field:learning}

Section 1: Introduction

How is ASIC's Be MoneySmart resource delivered?

VET resource video

The program covers five main topics delivered in the following modules:

  1. Saving, budgeting and spending
  2. Personal tax
  3. Superannuation
  4. Debt management
  5. Insurance

It is important to note that these modules can be completed in any order. Each module will be explored in more detail later in this resource.

ASIC's Be MoneySmart trainer/assessor guide is a key document for completion of this course.

Download your copy of the trainer/assessor guide.

Once you have your trainer/assessor guide, familarise yourself with the structure of the guide and each of the modules.

The learning approach

The online modules offer a series of video case studies, making the concepts easily accessible for learners. In each module an online mentor explains the concepts, how they relate to the case study and key points learners should note.

Watch the video for an example case study. (1.29 mins - video transcript)

While watching the videos in the online module, it is useful to refer to the relevant student workbook at the same time. The Assessment Activities contained in the student workbook require the learners to apply the concepts presented in the videos to their own financial situations (the supporting financial tools offered are from the ASIC MoneySmart suite of resources). These activities are complemented by further online questions (and assessor questioning) to ensure learners fully understand the concepts presented in the relevant module.

How long does it take to deliver the program?

Each module supports approximately 1 hour of online activity and 2 hours of offline study.

Components of ASIC's Be MoneySmart

Each topic in ASIC's Be MoneySmart resource comprises:

  • A video-based online module
  • A student workbook where offline activities are provided to support learning and responses can be recorded - available for download in both word and PDF.
  • A trainer/assessor guide
  • A competency record - in both student workbooks and trainer/assessor guide.

These resources can be accessed from the teaching resources for VET section of the MoneySmart website.

To get the most out of the program, it is important that students are provided with sufficient support by the trainer. For students with lower levels of literacy/numeracy and digital literacy, this may require components of the course to be completed in the classroom. It is not essential for the trainer or assessor to be an expert in the topic being delivered, as each module provides an online mentor to support the training delivery.

How are students assessed?

The following tools are provided to assist trainers in delivery of the unit of competency FNSFLT301:

  • An assessor/trainer guide with written questions and answers (for each module) for oral delivery by the trainer as well as tips and notes to inform delivery and support learners
  • A competency record and assessment record sheet aligned to the performance criteria
  • A student/supervisor/third party declaration form

It is the trainers responsibility to determine that the student has attained competency.

Trainers may find that additional assessment activities are required to ensure competency in FNSFLT301 has been attained.

Students may already have some or all of the skills required for a given module. If students believe they can demonstrate these skills, they should speak with their trainer/assessor about applying for skills recognition / recognition of prior learning (RPL).

Section 1: Introduction

What Foundation Skills do learners need?

Financial literacy skills do not exist in isolation from other critical Foundation Skills. Six Foundation Skills have been identified in the FNSFLT301 Be MoneySmart unit of competency and incorporated into the Be MoneySmart performance criteria. These can be categorised as follows:

  • Language, Literacy and Numeracy (LLN) skills
  • Be MoneySmart learners will be required to demonstrate the following Language, Literacy and Numeracy (LLN) skills in order to achieve competency in the Be MoneySmart FNS301 unit of competency:

    • Reading: Learners should be able to research and interpret written information from a range of sources to identify relevant aspects for the required task.
    • Writing: Learners should be able to record and document information accurately using correct language, terminology and concepts.
    • Oral communication: Learners should be able to use active listening and questioning to source advice and develop a clear understanding of information.
    • Numeracy: Learners should be able to perform a range of mathematical calculations to interpret financial information, and to balance or create budgets and savings plans.
  • Workplace skills
  • Be MoneySmart learners will also need to demonstrate the following workplace-related foundation skills:

    • Navigate the world of work: Learners should be able to maintain up-to-date knowledge of personal financial management necessary for own situation.
    • Get the work done: Learners should be able to use digital systems and tools to complete tasks, and to access and manage finance related information. They should be able to plan routine tasks and organise work according to defined requirements.

When commencing delivery of ASIC's Be MoneySmart resource to a new group of learners, you may wish to informally assess learners' foundation skills (e.g. through conversation or an introductory activity) so that you can identify and support those learners who may require assistance. You may also wish to consult with Foundation Skills experts in your training organisation in how to best support learners with needs in this area.

Section 1 : Introduction

Foundation Skills activity

Video on foundation skills

Consider the Foundation Skills discussed on the previous screen. How could you identify gaps in these areas among members of your learner cohort? How could you address any such gaps prior to commencing delivery of the ASIC's Be MoneySmart resource to the learner group?

Watch the video to get you started. (2.24 mins - video transcript)

Activity 1.2 : Foundation skills

{field:foundationskills}

{field:learninggaps}

Section 2 : Exploring individual modules

Exploring individual modules

Vet Module PicSection 2 considers each of the modules and undertakes activities from each module, to help you familarise yourself with the resource and how it can be used.

To gain an in depth understanding of the modules, it is suggested that you watch all the videos in each module and review the student activities in the assessor guide to fully understand learning requirements for students.

ASIC's Be MoneySmart resource can be accessed from the teaching resources for VET web page along with the Trainer/Assessor guide.

ASIC's Be MoneySmart brochure also highlights several ways the resource can be used.

Section 2 : Exploring individual modules

Saving, budgeting and spending

VET student and advisor discussing saving, budgeting and spending

In this module, students learn about managing their money wisely by planning their finances. Upon completion of this module, the student should be able to establish savings goals, create a budget and a savings plan.

The online module explores the concepts of saving, budgeting and spending through the use of three case studies (Will, Kaz and Sam). Each case study presents different attitudes towards money management and enables learners to identify financial strengths and weaknesses.

Watch the video for the character Will, followed by the corresponding mentor video. (2.15 mins - video transcript)

What resoures are available?

There are a number of resources available to complete and support the saving, budgeting and spending section of the ASIC's Be MoneySmart resource:

The following MoneySmart tools and apps should also be used by learners when completing this module:

What else should I know?

In order to get the most out of this module, students should have access to their financial records (e.g. pay slips, bank statements, details of current loans etc.) and complete the activities with reference to these records.

However, you should also consider that some students may be unwilling or unable to bring their personal documents. You could therefore consider preparing some case study documents with which learners can complete the activities - the effectiveness of this approach will be increased if the case studies / documents are relevant to the context of your learners.

Watch all the online videos available for this module and review the student activities for this module in the trainer/assessor guide.

Section 2 : Exploring individual modules

Saving, budgeting and spending activity

Review Assessment activity 1: 'What is your financial personality' in Trainer/Assessor Guide (page 10). As part of this assessment, students will identify as one of the financial personalities (Money Maestro, Visual Stylist or Authentic Dreamer). Consider each of the three financial personalities and their descriptions.

Explore the tools and calculators on the MoneySmart website and think about which resources might be of benefit to each personality type.

Activity 2.1 : Financial personalities

Consider each of the three financial personalities and their descriptions. Based on the descriptions of the financial personalities, identify a key concept that each would need to consider and a tool or calculator that would assist them and explain your rationale for this choice.

{field:savingsquestion1}

{field:savingsquestion2}

{field:savingsquestion3}

{field:savingsquestion4}

{field:savingsquestion5}

{field:savingsquestion6}

{field:savingsquestion7}

{field:savingsquestion8}

{field:savingsquestion9}

Section 2 : Exploring individual modules

Personal tax

Will talking about personal tax

In this module, students learn about personal taxation. Upon completion of this module, the student should be able to establish a system for storing receipts and be able to prepare and lodge their personal tax return.

The online module explores the challenges of managing personal tax using three case studies (Sam, Bec and Will). Each case study presents different aspects of a personal return (e.g. deductions, Medicare levy etc.) to provide learners with a sound overview of the tax return preparation and submission process.

Watch the video where Will talks about the income he received during the year, with the corresponding mentor video. (1.31 mins - video transcript)

What resources are available?

There are a number of resources available to complete and support the personal tax section of ASIC's Be MoneySmart resource:

What else should I know?

To get the most out of this module, students should have access to the financial records necessary for them to prepare their personal tax return. This may include group certificate, receipts for deductable expenses, details of bank interest or share dividend payments, student loans etc.

Learners with complex tax affairs may require the expertise of a specialist tax agent. This should not prevent the learner from being able to successfully demonstrate their competency through the assessment activities.

You should also consider that some students may be unwilling or unable to bring their personal documents. You could therefore consider preparing some case study documents (e.g. sample group certificate, work expenses etc.) with which learners can complete the activities - the effectiveness of this approach will be increased if the case studies / documents are relevant to the context of your learners.

Watch all the online videos available for this module and review the student activities for this module in the trainer/assessor guide.

Section 2 : Exploring individual modules

Personal tax activity

Review Assessment activity 4: Key terms and definitions matching the correct terms with the definition (refer to page 33 of the Trainer/Assessor Guide).

Completing this activity will be helpful as a lot of these terms reoccur throughout this section of the module and will ensure you fully understand these terms. Also review Assessment activity 2b: What are your allowable deductions (page 30 of the Trainer/Assessor Guide) to help learners understand these concepts.

Activity 2.2 : Understanding tax returns

{field:personaltaxquestion}

{field:deductions}

{field:scenario}

Section 2 : Exploring individual modules

Superannuation

Will talking about personal tax

In this module, students learn about superannuation. Upon completion of this module, students should be able to compare super funds, work through their super statement and keep track of their super.

The online module explores the key issues relating to superannuation in Australia using two case studies (John and Sally). This module uses the straightforward approach that super is simply saving for the future and uses the case studies to get students thinking about what their life will be like in 40 years time with and without savings.

Watch the video where case study character Sally and the Mentor talk about strategies to make superannuation work better (e.g. through salary sacrifice).(1.24 mins - video transcript)

What resources are available?

There are a number of resources available to complete and support the superannuation section of ASIC's Be MoneySmart resource:

The following MoneySmart tools should also be used by learners when completing this module:

When completing this module, students should also have access to the Australian Taxation Office (ATO) website for questions about specific superannuation issues that are not covered in the module.

What else should I know?

To get the most out of this module, learners should have access to the details of their superannuation fund (including the login details for their online statement). Learners with limited digital literacy may require assistance in logging into their online superannuation statement (and/or obtaining their login details).

You should also consider that some students may be unwilling or unable to bring their personal documents. You could therefore consider preparing some case study documents (superannuation statement) with which learners can complete the activities - the effectiveness of this approach will be increased if the case studies / documents are relevant to the context of your learners.

Watch all the online videos available for this module and review the student activities for this module in the trainer/assessor guide.

Section 2 : Exploring individual modules

Superannuation activity

Me in 40 years video

Watch the video 'Me in 40 years' (Module 3, part 4) and use the retirement planner referenced in the video. Explore how it works and how changing figures on the planner will change the retirement income figure.(2.08 mins - video transcript)

Activity 2.3 : Superannuation

{field:retirementplanner}

{field:superquestion}

Section 2 : Exploring individual modules

Debt management

Debt management situations

In this module, students learn about managing debt. Upon completion of this module, students should be able to compare debt products, manage credit cards and know what to do if debt becomes a problem.

The issues related to debt management are explored using three case studies (Sally, Bec and Will). As can be seen in the video below, these case studies touch on a variety of debt positions and problems, and should facilitate an appreciation amongst learners of the importance in managing debt.

Watch the video where the Mentor provides advice around each of the debt problems faced by the different characters.(3.00 mins - video transcript)

What resources are available?

There are a number of resources available to complete and support the debt management section of ASIC's Be MoneySmart resource:

The following MoneySmart tools should also be used by learners when completing this module:

What else should I know?

Learners with credit cards will get the most out of this module if they complete Assessment Activities 3, 4 and 5 with reference to their own credit card statement. Some learners may not feel comfortable doing this (and others may not have a credit card), therefore the Assessment Activities can be completed with reference to an example debt position.

Watch all the online videos for this module and review student activities in the trainer/assessor guide for this module.

Section 2 : Exploring individual modules

Debt management activity

Complete Assessment Activity 1: Using ASIC's MoneySmart calculators (pg 52) and familiarise yourself with the range of calculators available to assist with debt management.

Activity 2.4 : Using MoneySmart calculators

{field:keyconcepts}

{field:calculatorlearners}

{field:calculatorpersonal}

Section 2 : Exploring individual modules

Insurance

Insurance guidance

In this module, students learn about insurance. Upon completion of the module, students should have an understanding of different car, home and content insurance and know how to choose the right type of insurance and level of cover.

The challenges related to selecting the right type of insurance and level of cover are explored using two case studies (John and Will). By examining the impact of unexpected life events on these characters (in the video), the importance of insurance in managing your finances is revealed to the learner.

Watch the video where the Mentor provides advice on how the problems faced by John and Will could have been mitigated by obtaining insurance. (1.33 mins - video transcript)

What resources are available?

There are a number of resources available to complete and support the insurance section of the Be MoneySmart program:

The Assessment Activities for this module require learners to access other tools and resources including those provided by the Insurance Council of Australia

What else should I know?

If available, students can complete the Assessment Activities with reference to their own vehicle (and existing insurance if available).

You should also consider that some students may be unwilling or unable to bring their personal documents. You could therefore consider preparing some case study documents (e.g. insurance policy or statement) with which learners can complete the activities - the effectiveness of this approach will be increased if the case studies / documents are relevant to the context of your learners.

Watch all the online videos for this module and review the student activities for this module in the trainer/assessor guide.

Section 2 : Exploring individual modules

Insurance activity

Review Assessment activity 3: Choosing the right insurance cover (page 73 of the Trainer/Assessor Guide) and identify the key elements that a learner needs to understand about the costs of insurance.

Activity 2.5: The importance of insurance

{field:insurancepolicy}

{field:insurancerelatable}

{field:insuranceprosandcons}

Section 3: Summary

Knowledge check

Answer the following questions to check your understanding of delivering the Be MoneySmart program.

{field:quiz1}

Section 3: Summary

You and your learners

Now that you have worked through the modules, complete the following activities to help you think about how the the resource could be modified and how you would prioritise the modules in terms of their value to your learner group.

Activity 3.1: You and your learners

{field:adapt}

{field:priority}

Section 3: Summary

Are you MoneySmart?

You completed these questions at the beginning of this module.

Now that you have completed this course, consider your awareness and understanding of money and finance, the resources available to help young people learn about money and the strategies that can be used to provide authentic learning experiences.

Activity 3.2 : Are you MoneySmart?

{field:rate1}

{field:confidence1}

{field:awareness1}

{field:strategies1}

{field:learning1}

Section 3: Summary

To assist in developing professional learning that meets the needs of trainers/educators delivering ASIC's Be MoneySmart resource, please provide feedback for this module.

Feedback

{field:effectiveness}

{field:confident}

{field:financialdecisions}

{field:suggestions}

Section 3: Summary

Congratulations

You have completed ASIC's Be MoneySmart resource.

Next steps

For your portfolio, please print or save:

  • Your certificate of completion - This module is aligned to the Australian Professional Standards for Teachers and can be used to meet teacher professional development registration and renewal requirements.
  • Your learning journal - Keeping a copy of your learning journal will provide evidence that you have completed the module activities and met professional learning standards. It will also enable you to reflect on approaches you can use with your learners.

You can contact us at moneysmartteaching@asic.gov.au


Last updated: 03 Apr 2017