Faculty of Business and Economics

Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2015 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

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0 points, SCA Band 3, 0.000 EFTSL

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

FacultyFaculty of Business and Economics
OfferedNot offered in 2015


This unit highlights the importance of financial literacy and understanding of relevant laws and consumer behaviour when making personal consumption, investment and financing decisions. Students explore a range of topics relevant to individual decision-making involving legal, marketing and finance considerations. The legal related topics include how the law protects consumers, what contracts mean for individuals, and an introduction to relevant tax laws affecting individuals such as PAYG, superannuation, and HECS. The marketing related topics include key areas of marketing affecting individuals' purchasing decisions such as product management, pricing, branding, distribution and communications, and insights into the psychology of consumer behaviour. Financial literacy is developed through finance related topics including understanding the financial system and what it can do for individuals, the time value of money and the implication for loans and investments, the different ways that individuals can invest their wealth, individuals' risk-return preferences and individuals' need to invest for retirement. Students are also introduced to social and ethical behaviour and the role of philanthropy in society.


The learning goals associated with this unit are to:

  1. explain how the law protects consumers, the role of contracts and aspects of the taxation system
  2. describe key areas of marketing and their relevance to both businesses and individuals, including insights into the psychology of consumer behaviour
  3. apply the time value of money concept to investing and financing decisions
  4. appreciate risk-return preferences and different forms of investing
  5. describe social and ethical behaviour and the role of philanthropy in society
  6. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with consumer laws, behaviour and financial literacy, and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by Your money, your life.


Within semester assessment: 100%

Workload requirements

Minimum total expected workload equals 144 hours per semester.

See also Unit timetable information


Students enrolled in Faculty of Business and Economics courses or associated double degrees cannot enrol in this unit.