The Australian Securities and Investments Commission has launched a new strategy to improve the financial literacy of all Australians.
The three-year strategy provides a national framework for action for stakeholders across government, business, community and education. It was developed in consultation with over 200 stakeholders over a period of 12 months.
The strategic priorities set out in the National Financial Literacy Strategy 2014–17 are to:
- Educate the next generation, particularly through the formal education system
- Increase the use of free, impartial information, tools and resources
- Provide quality targeted guidance and support
- Strengthen co-ordination and effective partnerships, and
- Improve research, measurements and evaluation
The Strategy is accompanied by an Action Plan, which describes the actions to be taken by ASIC and other relevant stakeholders, over the next three years.
Under the Strategy, ASIC will continue to enhance its popular MoneySmart website for consumers and investors, and reach more schools through its MoneySmart Teaching program, designed to promote and support financial literacy for schools.
Launching the new Strategy, Parliamentary Secretary to the Treasurer, Steven Ciobo, said: “With almost every Australian owning one or more financial products, improved financial literacy can benefit anyone, regardless of age or income, in terms of having greater understanding of financial matters and the ability to meet financial goals for the future.
“Being able to make the most of your money, manage financial risks and avoid financial pitfalls can have a positive impact on the financial wellbeing of individuals, families and communities.”
The Financial Planning Association (FPA) has welcomed the Strategy, saying financial literacy is key to ensuring consumers can confidently make decisions about engaging a financial planner and act on their advice.
“We firmly believe that all Australians have the right to access the best financial advice,” said FPA CEO, Mark Rantall. “We also agree that there is more to be done to ensure that financial literacy is improved across the board. Ultimately, financial literacy is an everyday life skill that allows people to better understand their finances and to appropriately manage their financial outlook. We welcome ASIC’s commitment to helping consumers in this space, with the launch of this Strategy as well as its MoneySmart Week initiative.
“A collective push is needed from industry and businesses, working together to increase financial literacy and to help bring about the right financial outcomes for all Australians.”
