Video: Money makes the world go around

Money makes the world go around

Video transcript

Scott Pape, the Barefoot Investor, highlights why there is a need to teach consumer and financial literacy in schools. Featuring key social trends and compelling statistics, this powerful digital animation illustrates the demands of a modern world on young people when money is invisible.


Captions: It's a universal language we all need to speak to survive

But how do kids learn about money?

Home, Friends, School, TV or Social Media.

In a world full of credit cards and internet banking, money has become invisible.

Think about what impact this has on financial literacy.

54% of Australians between 15 and 74 years old have numeracy skills below or at level 2, where level 1 is the lowest and level 5 the highest.

36% of young people with credit cards don't usually pay the full balance every month.

The average amount owed is $2,477.

28% of 14 - 17 year olds have bought or sold goods online.

94% of 16 - 17 year olds own a mobile phone.

Making the checkout just a tap or sms away.

From an early age kids plan for money, spend money, save money, donate money, lend money, borrow money, invest money.

Money can bring freedom, Money can bring choice, Money can bring opportunity, Money can bring confidence.

It can also destroy lives.

What kids learn about money today will change their tomorrow.

Right now we have the opportunity to shape the financial futures of the next generation.

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Last updated: 12 Oct 2016