00:00These year 10 students are facing up to the reality that life after school is fast approaching.
00:14Soon they'll be heading to university or getting a job and eventually needing to support themselves financially.
00:20I want you to really think about these extra costs.
00:23Alicia Kennedy is taking students at Maris College in Tasmania's North West through some basic life lessons.
00:31From understanding superannuation to changing a tyre.
00:41Students are working their way through household budgets, meal planning and understanding the costs of renting.
00:48No, then we do groceries.
00:52Alicia Kennedy is not a teacher, but after being asked to give a talk at her old college about life after school, she decided she wanted to spread the word more widely.
01:04For me, I didn't get this information when I was at school and I know how lost I felt.
01:09Some of us, you know, adults have learnt these things the hard way, so we've had some conversations about, oh, wouldn't it be great to have known this stuff beforehand.
01:20For these young people, the importance of managing money is starting to hit home.
01:25I definitely spend more than what I make.
01:28So I'm starting to learn to save a bit more.
01:31Can't save a bit more.
01:32I was definitely surprised by, like, all the expenses, actually trying to, like, you know, even renting a house.
01:37I feel like a lot of these things you're just kind of expected to know.
01:41With house prices continuing to go up and rents on the rise, for young Australians, it will be more important than ever to learn how to manage money.
01:50A recent survey of young people by Monash University found 79% think they'll be financially worse off than their parents, 85% experienced financial difficulties in the last year, and 43% struggled to pay living expenses each month.
02:09In an increasingly complex world of buy now, pay later schemes, scams and marketing techniques designed to encourage spending, and with many young people looking to social media for money advice, there are calls for financial literacy to be a mandatory part of the school curriculum.
02:29I don't know how we expect young people to be able to make sound financial decisions in that landscape without some form of formal structure in place to give them the basics.
02:39Arming the next generation with a bit of an idea of what's ahead and how to budget for it.
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