Year 6 teacher Carolyn Maroske feels strongly that financial literacy is an essential life skill, and decided that introducing a Classroom Money System for her students at Narangba Valley State School in Queensland was an invaluable way of encouraging positive money behaviour and engagement.

She says her aim was to create a classroom environment that felt authentic and meaningful for students.

“Financial concepts can feel abstract when taught in isolation but by embedding them into a classroom money system, students are able to experience earning, saving and spending in a real-world context.

“The approach we used also recognised that many students benefit from clear, consistent structures around behaviour and motivation. Our Classroom Money System allowed me to combine both — supporting positive behaviour while also teaching valuable life skills such as responsibility, goal setting and delayed gratification.”

The Classroom Money System allows students to earn, save, spend and manage money, just as they would in the real world.

They earn classroom money in several ways, including attendance (wages), homework, returning important notes and permission slips promptly, and for class participation and behaviour.

Students may receive fines for poor choices or for being late to class. If a student does not have enough money to pay a fine, they are required to complete community service.

Each Friday, students can ‘bank’ their money. Two students act as banker each week, and students can exchange their money for larger denominations, by showing they can count money and work out the right notes.

Students may spend the money they have earned on rewards, such as sitting next to a friend for the day, or using a pen. First, however, they must pay their bills (in this case, contributing towards a class ice-cream party).

At the end of each term, a classroom shop opens, with a range of items for sale at various prices that encourage long-term saving, goal setting and delayed gratification.

When Carolyn first introduced the program, the response was overwhelmingly positive.

“The students were immediately excited by the idea of earning and managing their own money, and it creates a strong sense of ownership in the classroom.
“The ‘banking’ process each Friday has been one of the most successful elements. Students are highly engaged when counting, organising and exchanging their money, and it reinforces important numeracy skills in a very practical way. They take turns at being the “banker” so they can experience it from both sides (as someone attending the bank and someone working in the bank).

“The reward system is also very motivating, particularly because students must make genuine decisions about saving versus spending. Watching peers purchase rewards while they are still saving is a powerful learning experience that encourages reflection and planning.

“Additionally, the concept of needing to “pay a bill” (the ice-cream party) before accessing rewards has been incredibly effective in helping students understand real-life financial responsibilities.

“Most students have very little experience with actual cash money, as we live in a cashless society. This concept helps reinforce the fact that money has value, and needs to be earned.”

Carolyn says one thing she was surprised about was the wide range of prior knowledge among students.

“Some students demonstrate a strong understanding of money and saving, while others have very limited experience with basic concepts such as counting money or understanding value.

“Nothing makes me prouder than seeing a student struggling with counting money at the beginning of the year, to finishing the year confident with the way money works.

“It has also been interesting to observe students’ attitudes towards spending. Many students initially prioritise immediate rewards, but over time begin to develop greater self-control and an understanding of long-term goals.

“I would love to see financial literacy embedded more consistently across all year levels, rather than taught as a one-off unit. Providing students with regular, authentic opportunities to practise financial decision-making would have a much greater long-term impact.

“There is also an opportunity to further connect financial literacy with real-world contexts, such as budgeting, saving for goals and understanding everyday expenses. Programs that are practical, ongoing and experiential — rather than purely theoretical — are likely to be the most effective.

“While this began as a classroom management system, it has grown into a meaningful way to teach life skills. Students are not just learning about money, they are learning how to make decisions, take responsibility and understand the consequences of their choices. That has been the most valuable outcome,” she says.

High school coordinator Margaret Kroeger from Northside Montessori School in Pymble says learning is most powerful when it is hands-on, purposeful, and connected to the real world – particularly for adolescents.

That’s why she introduced a “Shark Tank” experience for students in years 7 and 8, designed to teach financial literacy in a way that is experienced and applied in meaningful ways.

The Shark Tank approached is based on the popular US and UK reality shows, where hopeful entrepreneurs pitch their business ideas to a panel of potential investors.

Working collaboratively in teams, the Montessori students designed and developed their own businesses from the ground up. After pitching their ideas to an expert panel, they secured funding and began the process of bringing their ventures to life.

At the outset, students were tasked with designing a product or service the met a clear need or solves a problem, then used financial literacy concepts to develop costs, pricing, profit, budgeting, loans, and interest to their enterprise idea.

They also had to explain to the panel how their enterprise would make money and how their group would manage their finances responsibly.

Margaret says the diversity and creativity of these businesses were striking.

“We had students launch initiatives ranging from an upcycled clothing brand – transforming charity shop finds into unique garments – to resin-crafted furniture, handmade jewellery, soft toys, 3D printed fidgets, pottery bowls, art works and natural beeswax candles.

“The level of innovation was remarkable, and the students also showed a strong awareness of sustainability and ethical production. Importantly, these ventures proved to be genuinely profitable.”

However, the true value of the experience went beyond creating and selling products.

“Students engaged in every stage of the business process: conducting market research to inform pricing and design decisions, budgeting resources, assigning team roles, applying for ‘shark tank’ loans, and maintaining detailed financial records,” Margaret says.

“Through ledgers and tally books, they tracked income and expenses, developing a clear understanding of financial management in practice. Along the way, they collaborated, problem-solved, and made real financial decisions – experiencing both the challenges and rewards that come with financial enterprise.”

It was also important to include practical, hands-on activities to reinforce the financial literacy concepts. This involved developing personal budgets, comparing banking products and credit card offers (including fees), calculating tax and superannuation, and understanding scams and cybersecurity.

Another benefit of the Shark Tank approach was that it involved multiple subject areas, Margaret says. Students explored branding, packaging, and marketing design in Art. In PDHPE, they developed skills in teamwork, communication, ethical decision-making, and professional conduct when dealing with suppliers and customers. Mathematics became immediately relevant as students managed budgets, calculated costs, measured materials, and ensured accuracy in their financial reporting.

At the end of the project, the students held a market day where they could display and sell their products.

“Most importantly, students emerged from the experience as capable young entrepreneurs with a deeper understanding of financial responsibility,” Margaret says.

At Salisbury High School in South Australia, mathematics coordinator Doris Yu has been on a mission to connect curriculum learning to student’s real-life needs.

“Many of our year 10 students are already starting to think about their future options, including university, TAFE, apprenticeships or entering the workforce,” she says.

“I wanted to help them to build their financial literacy in a way that improves their confidence in managing money, and builds their numeracy skills in practical and meaningful ways.

She says the current Year 10 Financial Maths content within the Australian Curriculum focuses primarily on simple and compound interest and, while students find this engaging, it only teaches a small component of the financial literacy skills they need to be future-ready and job-ready.

“I firmly believe that our students also require broader knowledge and skills in financial literacy such as budgeting and managing expenses, understanding payslips and tax, and understanding tax and superannuation.

“On top of this, I wanted to link these important concepts to real-world experiences such as writing a resume and getting a first job (including understanding employment types and rights), and preparing to live independently.”

The program that Doris has developed is designed to help students become future-ready and job-ready through a module that explicitly links mathematical understanding to real-world employment and everyday financial contexts.

Through the program, each year 10 student will build a “Job Ready Portfolio” that covers:

• Writing a resume
• Understanding a payslip including concepts such as gross pay and tax deductions
• Creating a basic budget with income and expenses, and focusing on wants vs needs
• Explaining what income tax is and why it exists
• Also explaining superannuation and how it connects to long-term future planning.

“The students have been very enthusiastic about this approach,” says Doris. “When I raised the idea of the module with year 10 students, the response was very positive. They were genuinely interested and excited about the opportunity to learn more practical financial skills.

“Winning the Talk Money Financial Literacy in Action Awards has given us the funding to support this program.”

She says one of the biggest challenges has been balancing age-appropriate content with real-world relevance.

“The material must be accessible for Year 10 students while still maintaining authenticity,” she says.

Looking ahead, Doris says she would like to see financial literacy embedded more explicitly and consistently across the curriculum, rather than being limited to isolated topics.

“Earlier this term, our Year 10 cohort completed a Financial Maths topic. Students genuinely enjoyed learning about simple and compound interest, particularly because they could clearly see the connection to real-life applications. This engagement highlighted the value of expanding financial education beyond the current curriculum.

“In addition, it would be invaluable to provide students with authentic, hands-on experiences such as simulated budgeting tasks, real-world case studies (pay slips), and workshops with industry professionals.”

Doris is looking forward to starting the first module later this year.

Charlie Jeong at Newstead College in Tasmania recognised the need to improve students’ financial literacy, particularly those in years 11 and 12 who were likely to join the workforce when they left school rather than attend university.

“We recognised that strong financial literacy skills are essential for young people as they move into adulthood. While the curriculum provides a solid foundation in numeracy, it doesn’t always cover the full range of real world skills students need to make informed financial decisions,” Charlie says.

“It concerns me that students’ financial literacy is generally quite low – not due to a lack of ability but rather a lack of opportunity. There is no dedicated subject at school that explicitly teaches these essential life skills, and while some concepts link to mathematics lessons, the curriculum focuses on foundational knowledge rather than real world application.

“Many students have never been taught about tax, superannuation, interest, or budgeting which is why we decided to introduce financial workshops.”

The series of practical financial workshops were designed to build both confidence and capability. These sessions cover understanding tax, building superannuation early, managing bank accounts, avoiding credit card risks, buying products wisely, and developing awareness of gambling harm. The focus is on preparing students for life beyond school by giving them practical, immediately usable skills.

Charlie says both teachers and students responded positively to the idea when he first suggested it.

“Staff recognised the clear need for practical financial education, and students expressed curiosity and appreciation for learning skills directly connected to their future independence.

“We’ve found that students are particularly engaged with content that connects directly to real life, such as how credit cards work and the risks involved, how to complete a tax return, and budgeting and planning weekly or monthly expenses.

“As a result, engaging in practical, hands-on activities is important. For example, students listed some of their recent expenses and then classified them as needs or wants. They then created a personal weekly budget using spreadsheets.

“In another workshop, we analysed a sample mobile contract to find termination fees and extra charges, and discussed the importance of reading fine print before signing.

“These areas tend to spark the most questions and discussion because students can immediately see how the concepts apply to their own lives.

The workshops were first introduced last year and since then have evolved in positive ways.

“We have made the content more interactive, incorporating real scenarios, case studies, and hands on tasks,” says Charlie. “Lessons now include more student led discussions, where they share experiences or questions about money.

“We have also refined the sequence of topics so that ideas build naturally – from understanding pay slips, to budgeting, to long term financial planning.

“Feedback from students has shaped the delivery; for example, we now include more examples of hidden fees, subscription traps, and everyday financial decisions young people commonly face. Overall, the program has become more practical, relevant, and engaging.”

Charlie says he would like to see financial literacy delivered through short courses or workshops that all students can access across their schooling.

“Our aim is to make financial learning relatable and empowering. Students should be able to work through everyday scenarios – such as analysing mobile phone plans, spotting hidden fees, understanding fine print, and comparing financial products – so they can practise making informed choices.

“We would also like to expand opportunities for students to create personal budgets, explore wants versus needs, and plan for their short and long term financial goals. The more authentic the learning, the more confident and prepared students will be as they transition into adulthood.”