Australia’s new National Financial Literacy Strategy (the strategy) is a welcome step forward – raising awareness of the necessary and critical role financial literacy plays in our community.
The strategy was developed by the Australian Securities and Investment Commission (ASIC) in consultation with a range of stakeholders, including the Australian Government Financial Literacy Board, of which our CEO, Mike Smith is a member.
The strategy aims to create opportunities for Australians of all ages to learn about money and apply these financial literacy skills to make better financial decisions.
Research, including our own, shows there are significant disparities in knowledge and understanding of financial matters across different groups in the community and that improving financial literacy can have significant benefits for everyone, no matter what their age or income.
To support the strategy, a new personal finance website, MoneySmart, has also been launched which provides access to free, independent and unbiased information to help people make good financial decisions.
The MoneySmart website features 26 financial calculators covering not only the basics such as budgeting, saving and credit cards, but also more complicated issues such as superannuation and income tax.
The strategy launch was attended by Assistant Treasurer, Bill Shorten, ASIC Chairman, Tony D’Aloisio, Chairman of the Australian Government Financial Literacy Board, Paul Clitheroe and Parliamentary Secretary to the Treasurer, David Bradbury.
David Bradbury, who has responsibility for financial literacy said, “The Government is keenly aware of the importance of good financial literacy skills. Those skills help individuals and families meet their goals and secure their financial wellbeing, as well as contribute to the economic health of society, increased economic participation and social inclusion.”
“MoneySmart does not just provide information, the website empowers people to act by demonstrating benefits of taking control of your personal finances. It takes Australians from simply acquiring knowledge to setting and implementing financial goals,” Mr Bradbury said.
In addition to providing input towards the development of the national financial literacy strategy, we are also committed to continuing to deliver financial literacy and inclusion programs to vulnerable groups in our community, in partnership with Government and community organisations.