A "National Consumer and Financial Literacy Framework" has been developed for the Australian Ministerial Council on Education, Employment, Training and Youth Affairs. They define Consumer and financial literacy as "the application of knowledge, understandings, skills and values in consumer and financial contexts and the related decisions that impact on self, others, the community and the environment."This short document includes indicators for learning and a short list of 11 critical success factors. They relate the framework to four dimensions: Knowledge and understanding; Competence; Enterprise and Responsibility (see quote below). I thought this was interesting and gave food for thought as regards information literacy: knowledge and competence are usually addressed in IL frameworks, but Enterprise not, and Responsibility perhaps more implicitly than explicitly.
"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 risktaking when making consumer and financial decisions
· Responsibility is appropriate consumer and financial decisions that display care for self, others, the community and the environment. "
Ministerial Council on Education, Employment Training and Youth Affairs (2005). National consumer and financial literacy framework. Carlton South, Victoria: MCEETYA.
http://www.mceetya.edu.au/pdf/financial_literacy_framework.pdf
Photo by S. Webber: Dog at the S. Sofia traghehtto stop, Venice, Dec. 2005.