ASIC launches National Financial Literacy Strategy

The strategy is the result of 12 months of consultation by ASIC with 200 other stakeholders, as well as research into behavioural economics and the experiences of other countries around the world.

“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,” Steven Ciobo, parliamentary secretary to the Treasurer,  said.

“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 strategy is composed of five priorities which include providing quality targeted guidance and support, improving research, measurements and evaluation, and strengthening co-ordination and effective partnerships.

The strategy also aims to educate the next generation – particularly through formal education – and to increase the use of free, impartial information, tools and resources.

As part of the strategy, ASIC chairman Greg Medcraft said the corporate regulator will be improving its MoneySmart website.

“'Over 400,000 Australians already benefit from visiting ASIC's MoneySmart website each month to access free and impartial tools and resources to help them make their financial decisions,” Mr Medcraft said.

“'Promoting greater financial literacy is key to ASIC's strategic priority.”

ANZ chief executive Mike Smith said ANZ weclomed the strategy for providing a comprehensive framework to address the issue of financial literacy.

"We support the strategy’s emphasis on the business community stepping up to work alongside the government, community and education sectors to help improve financial literacy," Mr Smith said.

"Business has an important role to play given the long-term benefits coordinated action will have for our community."