The Parliamentary Secretary to the Treasurer, Steven Ciobo, launched the Australian Securities and Investment Commission’s (ASIC) new National Financial Literacy Strategy 2014-17 today.
The new Strategy aims to improve the financial literacy of all Australians by providing a national framework for action across government, business, community and education sectors.
“Knowing how to manage your money is one of the most important skills in everyday life,” said Mr Ciobo.
“Whether it’s taking out a credit card, applying for a loan or choosing a super account, improved financial literacy benefits everyone, whatever their circumstances,” he said.
“Being able to make the most of your money, manage financial risk and avoid financial pitfalls is good for the financial well-being of everyone.
“Financial literacy allows people to be informed and more confident when engaging with financial services, providers and products.”
Mr Ciobo said the Strategy provides a national roadmap to guide and encourage participation by all organisation with an interest in improving financial literacy.
“It builds on the significant work done to date, ever since financial literacy was a made a priority under initiatives announced by the Howard Government,” he said.
The 2014-17 Strategy has been developed around the following strategic priorities:
- Educate the next generation, particularly through the formal education system
- Increase the use of free information, tools and resources such as ASIC’s MoneySmart website
- Provide quality targeted guidance and support
- Strengthen co-ordination and effective partnerships
- Improve research, measurement and evaluation
ASIC will work closely with the Australian Government Financial Literacy Board and liaise with relevant key stakeholders to oversee implementation of the Strategy and action plan and provide an annual report on progress.