ASIC reports on financial literacy initiatives

In its National Financial Literacy Strategy Annual Highlights Report 2016‑17, ASIC said building the financial literacy of Australians was an important part of its work.

ASIC deputy chair Peter Kell said the regulator has been involved in “several significant pieces of research”, had supported a number of different initiatives, and released a number of resources for Australians to use to increase their own literacy.

“Under the national strategy we liaise with stakeholders in the community, business, education, government and research sectors, both within Australia and internationally,” he said.

“The scale of work aligned with the national strategy continues to grow, and in 2016-17 over 70 organisations identified as supporting or contributing to initiatives under the national strategy.”

Australian Government Financial Literacy Board chairman Paul Clitheroe said the continuation of these programs was “vital” and that school programs that teach children about money and when to seek advice should be a key focus.

“We want future generations to understand and be savvy about money, be comfortable talking about finances and know how to get help when they need it,” he said.