The Australian Securities and Investments Commission (ASIC) and Revenue and Financial Services Minister Kelly O’Dwyer have launched a new initiative to empower Australians to take control of their financial lives.
The 2018 National Financial Capability Strategy, unveiled at a Canberra event last week, was designed in consultation with stakeholders to help Australians manage money day to day, make informed decisions, and overall improve their money-management skills. The strategy replaces the 2014-2017 National Financial Literacy Strategy.
“The 2018 National Financial Capability Program drives programs and initiatives that make a difference in people’s lives,” said ASIC chair James Shipton. “We want more Australians to access information and guidance they can trust to ensure everyone can make informed decisions.”
O’Dwyer said the strategy “guides action across the government, business, community, education, and research sectors to support enhanced financial capabilities in individuals, families, and communities.”
The national strategy is also focused on financial inclusion and better outcomes for all Australians.
“The financial sector as a financial community should be engaging in practices that promote fair consumer outcomes,” Shipton 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.”
ASIC noted research from the Australian Financial Attitudes and Behaviour Tracker which revealed that one in three people find dealing with money matters stressful and overwhelming.
