Managing your superannuation
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Introduction
In this activity, students develop an understanding of the need to manage their superannuation throughout their working life and the potential financial costs of not doing so, particularly in relation to having multiple super accounts and keeping track of their super. They learn that they can check and manage their superannuation accounts by setting up a myGov account.
Achievement standard
By the end of Year 10, students analyse how economic indicators influence Australian Government decision-making. They explain ways that government intervenes to improve economic performance and living standards. They explain processes that businesses use to manage the workforce and improve productivity. They explain the importance of Australia’s superannuation system and its effect on consumer and financial decision-making. Students analyse factors that influence major consumer and financial decisions, and explain the short- and long-term effects of these decisions.
Students develop and modify a range of questions to investigate an economic and business issue. They locate, select and analyse relevant and reliable information and data from a range of sources. They interpret and analyse information and data to evaluate trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. They develop an evidence-based response to an economic and business issue. They evaluate a response, using appropriate criteria to decide on a course of action. Students use economic and business knowledge, concepts, and terms to develop descriptions, explanations and reasoned arguments that synthesise research findings.
Content descriptions
Economics and Business Knowledge and Understanding
The importance of Australia’s superannuation system and how this system affects consumer and financial decision-making. (AC9HE10K04)
Economics and Business Skills
Interpret information and data, explaining economic and business issues, trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. (AC9HE10S03)
Develop and evaluate a response to an economic and business issue, using cost-benefit analysis or criteria to decide on a course of action. (AC9HE10S04)
Create descriptions, explanations and arguments, using economic and business knowledge, concepts. And terms that incorporate and acknowledge and research findings. (AC9HE10S05)
Teacher resources
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Making your super work better
Too many super accounts
Student learning resources
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Managing your super
Managing your super
Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.
- Play: Making your super work better (first 1:19 minutes) as an introduction.
- As a class, discuss the potential costs of having lost super or more than one super account.
- Play: Too many super accounts: This video explains that having one super account makes it easier to keep track of your super – with myGov you can view and combine all your super accounts.
- Optional: If students are interested in learning more, or need to consolidate their learning, read the explainer as a class.
- Students complete investigation. This can be completed in students’ own time.
- As a class, discuss the difference consolidating super accounts and tracking their super can make.