Government releases 2018 financial literacy strategy

In a statement, Minister for Revenue and Financial Services Kelly O’Dwyer said more than one-third of Australians find dealing with money “stressful and overwhelming”, and that improving individuals’ financial capabilities will result in improved financial behaviour.

“We want all Australians to be in control of their financial lives. The strategy guides action across the government, business, community, education and research sectors to support enhanced financial capabilities in individuals, families and communities,” Ms O’Dwyer said.

ASIC chairman James Shipton said the programs operated as part of the strategy will “make a difference in people’s lives” and will help Australians source information they need to make informed decisions regarding their finances.

“ASIC is committed to financial inclusion and better outcomes for all Australians. People are at the heart of the financial system and at the centre of this National Strategy. The financial sector as a financial community should be engaging in practices that promote fair consumer outcomes,” he said.

“In particular, we need to continue to encourage women to be more confident with money, young people to find the information they need when they need it, and support Indigenous Australians to access appropriate financial products and services. We want to see more Australians in control of their financial lives and I look forward to working collaboratively under the 2018 National Strategy to advance this important work.”

A website, managed by ASIC, has also been launched as part of the strategy and includes research and information for users to access.