Financial literacy course in year 12

Great suggestion, but please forget the year 12 part, it should be an entirely core subject “Financial literacy” every year from day 1 at Primary.

If only we could teach parents and grandparents many who indeed have missed such teaching in life, perhaps introduce a “Borrowers License” that forces people to prove they understand some basics before a lender can lend.

This is a great suggestion however it need to go deeper then just teaching budgeting skills, compounding interest etc. Money education must cover more, such as where does money comes from?
The average man/woman on the street will say the government creates our money and this is true. So if the government makes our money and it doesn’t cost $100 to make a $100 note and it doesn’t cost $1 to make a $1 coin who collects the difference. The answer is the government and this profit is called “Seigniorage”
So if the government makes money and collects Seigniorage why does it need to borrow what it makes AND pay an interest rate on what it makes.??
Notes and Coins only represent 5-7% of money in circulation and the rest is digital money, who makes digital money? The banks through the “Fractional Reserve Lending rules make it. Yes, Banks have the power to make money. Every time a Banks issues a Mortgage/Loan new Money is created out of nothing “Thin AIR” Money the bank didn’t have and only just created as the loan was approved. Unlike Credit Unions that lend out other customer deposits.
It is absurd for a bank to Foreclose and reposes a REAL asset just because
you didn’t repay money they created
We need to get the public to understand this.

Good idea

Understanding money & how it works is a great idea. It should be taught in schools. Budgeting, the cost of borrowing etc etc. If not a main policy it should be written in somewhere