The Financial Literacy Framework has four dimensions of consumer and financial literacy. They are: knowledge and understanding; competence; enterprise; and responsibility. These dimensions are interrelated and embrace the knowledge, skills, understandings and values related to key concepts including: income, competition, exchange, liability, power and value as they relate to consumer and financial literacy.

The dimension of:

• Knowledge and understanding is about the nature and forms of money, how it is used and the consequences of consumer decisions
• Competence is the application of consumer and financial knowledge and skills in a range of changing contexts
• Enterprise is the opportunity to use initiative, build financial capabilities and manage risk-taking when making consumer and financial decisions
• Responsibility is appropriate consumer and financial decisions that display care for self, others, the community and the environment.

Access the Framework on the MCEETYA website