Resources from the Australian Securities and Investments Commission help consumers from Culturally and Linguistically Diverse (CALD) communities navigate financial pitfalls
What immediately strikes you on first visiting the MoneySmart website is the range, accessibility and choice of information and tools suitable for users of all backgrounds, particularly the material in the designated ‘Tools and Resources’ section.
While not listed in this menu, MoneySmart also provides written and video information in many community languages. A lot of this information is targeted at recently arrived migrants.
- A Money Management Kit in English and 15 community languages
- Publications on debt, credit and superannuation in community languages
- An index to publications in 26 other languages
The Money Management Kit includes fact sheets, audio content and photo stories (videos) in 16 different languages including English.
The kit was developed for community settlement workers who work with new arrivals. It can also be used by teachers and welfare and healthcare professionals who provide general financial literacy education, or teach English as a second language.
While the kit as a whole may be targeted at community workers, the pieces in the kit such as the videos are likely to be of interest to individual consumers.
When releasing this material the Minister for Multicultural Affairs noted that
Newly arrived humanitarian migrants will have access to a range of financial literacy resources to help them with budgeting and managing credit as part of the MoneySmart program.
The new resources recognise the need to provide support for people who may have had little exposure to an advanced economy like that of Australia.
‘We often hear reports of some of our most vulnerable new migrants finding themselves in trouble with finances, particular consumer loans and credit cards. These resources, backed up by assistance from staff at community settlement service providers, will help people to avoid some of the potential pitfalls when dealing with money,’