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Enterprise and Financial Literacy

Education Strategy

Neil Mackay

Why?

The compelling case….

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The OECD Director of Education and Skills, Andreas Schleicher, spoke at the World Education Forum and highlighted the capabilities young people need to flourish in a complex world.

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He called on schools to focus on the development of capabilities such as

• Entrepreneurship

• Creative Thinking

• Problem Solving

• Communication

Foundation of Young Australians (fya.org.au)

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The New Work Order Report: ensuring young Australians have the skills and experience for the jobs of the future, not the past.

On average it takes young people 4.7 years from leaving full time education to entering full time work.

30% of young people aged 15-24 are unemployed or under employed

Up to 70% of young people’s entry level jobs are at risk of automation

30% of 15 year olds are not financially proficient

FYA Report

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“The Foundation for Young Australians is calling for a national strategy to ensure young people are digitally literate, financially savvy, innovative and adaptable and can navigate the increasing complex careers of the future.”

“Enterprise skills are transferable. They have been found to be as powerful predictor of long term job success as technical knowledge.”

Philip Lowe – Reserve Bank of Australia 2014

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“This generation of young people will (need to) PROMOTE INNOVATION and ENTREPRENEURIALISM and grow our economy to maintain our standard of living.”

Financial Literacy Australia

Key Goal – build teacher

capability and confidence to effectively teach FLT and

entrepreneurship 7

Financial Literacy

Foundation Advisory Board

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Establishing good, basic money habits early in life is the key

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ASIC 2015 – Australian Financial

Attitudes To Behaviour Tracker • Amongst those who lived with their children, 18% openly

discussed finance with their children

• 31% of those surveyed reported they had not heard of the investing principle ‘diversification’

• 21% had heard it but didn’t understand it

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Startup Apprentice

• “It is essential that we encourage kids, parents and teachers to consider the possibility of business creation as a career path rather than the current expectation that kids will get a good education in order to get a good job.”

• Australia has 8.7% of 18-24 year olds involved in setting up or owning a new business compared to the USA’s 13.5%

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Startup Apprentice

• “It is essential that we encourage kids, parents and teachers to consider the possibility of business creation as a career path rather than the current expectation that kids will get a good education in order to get a good job.”

• Australia has 8.7% of 18-24 year olds involved in setting up or owning a new business compared to the USA’s 13.5%

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TED TALK

Educating Young Entrepreneurs (Cameron Herold)

https://youtu.be/nx3GuO41Jyg

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Palm Beach Currumbin SHS Profile

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Palm Beach Currumbin SHS Profile

• Situated on the southern end of Gold Coast

• Yr 7 – 12 Independent Public School

• 2450 students on campus with an enrolment zone

• Excellence programs include Sports (12), Academia and Performing Arts

• ICSEA Index of 1021 (middle class)

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HOW? The Process

• The Learning Pyramid as our Framework

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HOW?

• Sequenced and Holistic

• Mapped Current practices and researched new opportunities

• Curriculum Extension (in class)

• Curriculum Enrichment (extra curricula)

• Identified stakeholder partnerships

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Sequenced Approach

Please refer to handout….

Our aim is to provide opportunities at each year level for students to participate in an enterprise based activity that gradually provides more complex real life scenarios

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Holistic Approach - We had the usual business and

money management approach where you cover units such as business plans, marketing, budgets and consumer issues.

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We Added: Wealth creation units and an Entrepreneurial focus

Senior – OP, SAS and VET with early entry Uni programs and Diploma options

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Curriculum Extension – “The Highlights”

- explicit linking of assessment items to existing competitions and programs (PYOE, ASX game, $20 Boss, BuySmart)

- thewealthacademy.com.au

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Curriculum Extension

• Start Smart (Smart saving / investing and enterprise) workshops

• ASIC’s “teens talk money” unit linked to Queensland government’s Buy Smart competition

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Curriculum Extension

Startup Apprentice

Entrepreneurial Education

Program startupapprentice.com.au

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Startup Apprentice Program Structure

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Startup Apprentice

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Curriculum Extension

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Curriculum Extension

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Curriculum Enrichment • ABW 5 day program

• Ecoman 3 day workshop

• CPA – Plan your own Enterprise competition supported by mentoring program using “Start Up Creative”

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Sustainability • Advance Queensland Young

Starters Grant $20,000

• PBC Business Alliance

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PBC Business Alliance

Model • Business Alumni

• Business Friends

• Business Partners

Sponsorships / Mentors / Guest speakers / Trainee apprenticeships

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Don’t Forget.. CommBank Foundation teaching awards

Financial Literacy Australia grants and awards

Global enterprise challenge

ASIC’s Money Smart school

www.lemonadestand.rocks

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THANK YOU

Neil Mackay

nmack9@eq.edu.au