Maths and banking too hard for high school students

The Australian Financial Literacy Assessment, in a survey of 50,000 secondary students, found that young people lack fundamental numeracy skills and basic financial knowledge. The survey found that more than half of Year 9 students could not understand the term “debit” or for that matter the purpose of a deposit. Three quarters of students surveyed could not understand the term “credit” on a bank statement. Despite about 87 per cent of 15 to 17-year-olds having mobile phones, half could not interpret a table comparing mobile phone plans, or calculate savings on the use of SMS messages. Some 46 per cent could not identify mobile phone call costs using the fine print.