ASIC today celebrated the first anniversary of its MoneySmart website.
Over the past year, moneysmart.gov.au, ASIC’s independent personal finance website, has been helping people by providing free and unbiased information and tools.
Recent statistics show one in three people find dealing with money stressful [1] and 48% [2] of people feel they need further education about financial matters. With so many financial products to choose from, people can find it difficult to source trustworthy and accurate information.
Delia Rickard, Senior Executive for Financial Literacy and Consumers and Retail Investors said, ‘MoneySmart is unique. We know the best way to help people with their money is to give them simple practical guidance and achievable first steps, packaged in a clear, inviting design,’ Ms Rickard said.
‘We tailored MoneySmart for people at financial turning points and in different life stages. The site speaks directly to the user and their issues. It includes engaging formats such as expert video, case studies, quizzes, an interactive glossary and smart tips.
‘A recent survey [3] found that 91% of MoneySmart users said they had taken specific action in relation to their finances as a result of visiting the site. More than 80% of respondents agreed the website useful or very useful. We think this is a testament to the quality of content and the 25 calculators that provide people with answers for their individual circumstances,’ Ms Rickard said.
In the past year MoneySmart has also reunited people with $60 million via the Unclaimed Money search function, added content in 26 different languages and created the MoneySmart iPhone app which has been downloaded by 75,000 people.
The most popular tool on the site is the budget planner which is used by 28,000 people per month and allows people to save and update their figures on the site.
Another popular tool is the retirement planner, used by 6,000 people each month. This calculates whether people will have enough income per year when they retire. It also shows what steps they can take now to boost their retirement income.
On future plans for MoneySmart Ms Rickard said: ‘We have a new spending tracker app on the way so people can actively monitor their spending while they are out and about. We will also be giving people more articles, tips and tools in the year to come, to help them make smart decisions about their money.’
Notes:
1. ANZ Survey of Adult Financial Literacy in Australia, p.108
2. 2011 ANZ Survey of Adult Financial Literacy in Australia, p.100
3. 2011 Sweeney Research Report, "Awareness and Usage of MoneySmart Website", Quantitative research report, 4th November 2011.