Suncorp is calling on governments to introduce financial literacy as a standalone course across all secondary schools after research found the current traditional maths approach is failing young Australians, particularly teenage girls.

Secondary schools should deploy tools such as storytelling and context, and match learning activities with what the students are experiencing with real life scenarios, Griffith University academics Laura de Zwaan and Tracey West say in the Suncorp-commissioned study, done in partnership with charity Financial Basics Foundation.

Most students had little or no understanding of insurance, superannuation, interest, inflation and investing.

“Not enough emphasis is put on this important life skill in schools and more can be done,” Suncorp Bank CEO Clive van Horen said. “A standalone course based on managing personal finances … supports their financial and mental wellbeing.”

While females outperform males overall in high school and outnumber males in university, they have lower financial literacy levels. Maths classes often fixate on formulas and calculations without conveying underlying concepts, leaving many students disengaged.

“There is evidence that knowledge and awareness of effective financial strategies is actually going backwards,” Financial Basics Foundation CEO Katrina Samios said. “This should be a wakeup call for governments and educators.”