ASIC’s Be MoneySmart is an online training resource developed to help VET students gain money management skills which support their future careers in small business or as contractors. eWorks has been chatting with clients about ASIC’s Be MoneySmart and they are super excited – as are we! In fact we’re thrilled to be working with ASIC to help VET students develop these essential life skills.
Online money management training
Apprentices, trainees and other VET students keen to improve their money management skills now have access to an online training resource developed by the Australian Securities and Investments Commission (ASIC).
ASIC’s Be MoneySmart resource covers five topics:
- Saving, budgeting and spending
- Personal tax
- Debt management
ASIC’s Be MoneySmart was developed with assistance from the Australian Tax Office, Group Training Australia, Fair Work Building and Construction, Kangan Institute and Innovation and Business Skills Australia.
How does it work?
Students can complete any or all of the modules. To support learning, each of the five modules is accompanied by a student workbook with activities, an assessor/trainer guide and assessment tools. ASIC’s Be MoneySmart resource can also be used to support the accredited training and delivery of the Certificate III competency Be MoneySmart (FNSFLT301A) as either an imported unit of competency, as part of the Certificate III in Financial Services (FNS30111) or for general money management skills programs. Assessors and trainers don’t need to be topic experts as the resource is self-contained and has an online mentor.
The new resource is also available as a package for training organisations to include on their learning management system (LMS) with simple reporting requirements. Read on…
How did this come about?
In 2012, ASIC spoke to Australian apprentices and trainees to gauge their need and level of support for financial literacy training. Feedback confirmed most VET students and their trainers and mentors wanted simple, clear and engaging online learning in key financial areas such as tax, saving and budgeting and superannuation.
What is financial literacy?
Financial decision-making is an essential part of life. If you think about it, we make financial decisions every day – whether it’s how much to put aside for essentials, spend on a holiday, or invest in staff and equipment if we’re in business. It’s also important to be able to manage risk and avoid financial pitfalls. Regardless of our age, life-stage or circumstances, managing money and making financial decisions is intrinsic to every aspect of our lives and the lives of the people around us. Financial literacy is about having the knowledge, skills, attitudes and behaviours to make informed financial decisions in support of financial well being. With almost every Australian owning one or more financial products and taking on greater responsibility for financial decision-making, financial literacy awareness and education is more important than ever.
Who is ASIC?
ASIC, the Australian Securities and Investments Commission, is the Australian Government agency responsible for financial literacy. ASIC’s strategic priority is to promote confidence and trust in the financial system – key to this is helping Australians of all ages and at all life stages better manage their money and make informed financial decisions.
How do I get started?
ASIC’s Be MoneySmart is available free of charge in TrainingVC or Moodle with the free VET Commons plugin. Via VET Commons, educators will be able to install a full e-learning course into TrainingVC or Moodle including a student workbook, assessor guide and assessment tools. VET Commons also allows for easy access to the National Repository and other large VET content publishers. Combined with the existing ASIC MoneySmart teacher resources, this is an easy way to deliver valuable life skills to your learners, especially those entering the workforce.
‘ASIC’s Be MoneySmart resource is the next step in helping Australians of all ages and at different stages of life make confident and informed financial decisions’, said ASIC Chairman, Greg Medcraft.
Contact eWorks to learn more about accessing the VET Commons plugin.