Australia Report Cites the Importance of Metacognition in Teaching Financial Literacy

Having presented in Melbourne, Victoria, Australia earlier this year, Marcus and I are pleased to see our work is being used in New South Wales. The most recent example that we have learned about is in a report authored by Nikki Goldspink Chaffey of the Narranga Public School in New South Wales.

Ms. Chaffey found particular value in our post, entitled “Metacognition, The Gift That Keeps Giving.” In a report entitled, “Starting Young: An international study of successful primary school financial literary programs” sponsored by First State Super, she cited our article as a resource:

“Research shows a classroom encouraging positive emotions and optimistic viewpoints produces broadened thoughts and actions and improves resourcefulness and exploration, which can result in improved academic achievement and fulfilment. Students who succeed academically often rely on being able to think effectively and independently to take charge of their learning. These students have mastered fundamental skills such as being organised, completing tasks on schedule, making a plan, monitoring their learning path, and recognising when it might be useful to change course. These are skills that we now know can be taught through metacognition (the ability to think about your thoughts with the aim of improving learning).”

We have long supported the 21st-century learning content themes that include teaching financial literacy, as cited by P21 Partnership for 21st Century Learning. These principles are evident in Australia’s National Financial Literacy Strategy, which is highlighted in the “Starting Young” report as follows:

“Financial literacy is increasingly being called essential learning in NSW primary schools. The Australian and Securities and Investments Commission (ASIC) has stated that it is “critical to start financial education at a young age and school is the most effective place for this learning to occur.”

In New South Wales, Australia, there is a focus on helping young people to grow into financially literate consumers, defined in the “Starting Young” report as “individuals who have the ability to apply knowledge, understanding, skills and values in consumer and financial contexts to make informed and effective decisions that have a positive impact on themselves, their families, the broader community and the environment,” per the National Consumer and Financial Literacy Framework, Ministerial Council for Education, Early Childhood Development and Youth Affairs, 2011.