REP 403 National Financial Literacy Strategy 2014–17
Released 1 August 2014.
The Australian Securities and Investments Commission (ASIC) is the Australian Government agency with lead responsibility for financial literacy. ASIC is committed to raising awareness of financial literacy and its benefits and creating opportunities for Australians of all ages and backgrounds to increase their understanding of financial issues and make the most of their money.
This financial literacy work is a key component of ASIC’s regulatory role to promote confident and informed participation by consumers and investors in financial services and markets.
In 2011, ASIC published the first National Financial Literacy Strategy (2011 Strategy) to promote a collaborative approach to improving the financial wellbeing of Australians. Since that time, there have been many developments, both in financial literacy and in understanding community needs.
In 2013, ASIC conducted a consultation process on the 2011 Strategy to take stock of progress and develop an updated framework for action for 2014–17. Findings are summarised in Shaping a National Financial Literacy Strategy for 2014–17: Consultation feedback (2013 Consultation feedback). A National Financial Literacy Stocktake Survey (2013 Stocktake Survey) was also undertaken to gain a snapshot of financial literacy initiatives in Australia.
The development of the National Financial Literacy Strategy 2014–17 (2014–17 Strategy) was informed by input from key stakeholders, advice from the Australian Government Financial Literacy Board, and relevant research and international good practice guidelines.
Building on the elements of the 2011 Strategy, the 2014–17 Strategy is designed as a flexible framework for action, encouraging active participation and providing scope for both new and existing initiatives.
The Strategy recognises that all levels of government, financial institutions, large and small businesses, community organisations and the education sector have a valuable role to play in building the financial literacy of Australians.