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Thursday 19 November 2015

15-344MR Collective efforts help millions of Australians build financial literacy skills

ASIC Chairman Greg Medcraft today launched the National Financial Literacy Strategy Annual Highlights Report for 2014-15 at a Stakeholder Forum in Sydney, hosted by ASIC.

The Report provides a national picture of the collective impact of financial literacy initiatives delivered by ASIC and a wide range of organisations across the government, education, industry and community in support of the National Strategy, led and coordinated by ASIC.

Speaking at the Forum, Mr Medcraft said ASIC’s financial literacy work was a key way in which ASIC sought to promote investor and financial consumer trust and confidence in the financial system.

'Over 50 organisations currently support or contribute to programs under the National Strategy including for example the Commonwealth Departments of Social Services and Human Services, the Australian Defence Force, state and territory education departments, individual schools and training organisations, a wide range of community and financial services organisations around the country, including all four major banks, often working in partnership,' Mr Medcraft said.

'The Report is testimony to the strong commitment – shared across sectors – to improve the financial literacy of Australians from all walks of life in order to make a difference to their financial wellbeing.'

Commenting on the release of the Report, the Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP said: 'Financial literacy allows people to be more informed and confident when engaging with financial services, providers and products, helps them to take control of their financial future and supports their economic participation.'

Mr Medcraft said he was particularly proud of ASIC’s MoneySmart program which includes 29 digital financial calculators and four Apps which help all Australians manage life’s different financial decisions.

'ASIC's MoneySmart website attracted five-million visits in 2014-15, and around a third of the nation’s schools - as well as a growing number of VET institutions – have engaged with ASIC's MoneySmart Teaching program,' he said.

“ASIC provides trusted and impartial  resources for Australians to inform their financial decisions at every life stage and includes bespoke guidance for specific groups in the community like the ‘Women’s Money Toolkit’ which helps women manage their finances, make money decisions at key life stages and enhance their financial wellbeing.”

Commenting on today’s Stakeholder Forum, Minister for Women, Senator the Hon Michaelia Cash said: 'Women’s financial literacy is an important piece of the puzzle when it comes to supporting women’s economic security. When women are economically empowered whole families, entire communities and the economy benefits.'

Speaking at today's Stakeholder Forum, Paul Clitheroe, Chairman of the Australian Government Financial Literacy Board said: 'This Report tells the story of strong commitment across sectors and I'd like to acknowledge the leadership of ASIC and the contributions of the many stakeholders to advancing the financial literacy of all Australians.'

Download the National Financial Literacy Strategy Annual Highlights Report 2014-15 at financialliteracy.gov.au.

Background

Financial literacy is about having the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions, based on personal circumstances, to improve financial wellbeing.

As the Australian Government agency responsible for financial literacy, ASIC leads and coordinates the National Financial Literacy Strategy 2014-17, which was launched on 1 August 2014 following extensive consultation.  The National Strategy provides an overarching framework to guide and encourage all agencies and organisations committed to improving the financial literacy of all Australians.  The five priorities set out in the National Strategy are:

  1. Educate the next generation, particularly through the formal education system
  2. Increase the use of free, impartial information, tools and resources
  3. Provide quality targeted guidance and support
  4. Strengthen co-ordination and effective partnerships
  5. Improve research, measurement and evaluation.

ASIC is hosting a National Financial Literacy Stakeholder Forum in Sydney on Thursday 19 November 2015.  With the overall theme of 'Innovation', the Stakeholder Forum provides the opportunity to take stock of progress against each of the priorities, hear from experts and practitioners in the field about innovative practices and showcase effective approaches and positive outcomes.

ASIC’s flagship financial literacy initiatives under the National Strategy are:

  • ASIC’s MoneySmart – a dedicated website, which provides trusted and impartial financial guidance and digital decision-making tools, for consumers and investors covering all aspects of personal finance for all ages and life stages
  • ASIC’s MoneySmart Teaching – a national program to support and promote consumer and financial literacy in Australian schools in partnership with State and Territory education departments.

For more information about the National Strategy and its supporters visit:  www.financialliteracy.gov.au    

Last updated: 30/03/2021 09:39