On Tuesday 15 March 2011 ASIC launched a new personal finance website called MoneySmart to help people make good financial decisions by providing free, independent and unbiased information, tools and motivation.
MoneySmart.gov.au is a key part of the National Financial Literacy Strategy, also launched by ASIC on 15 March 2011..
MoneySmart.gov.au provides more than just information. The website includes 26 calculators and tools, some for use on mobile phones, to help people take simple steps to get quick answers to their questions about money. MoneySmart covers not only the basics such as budgeting, saving, credit cards and loans, but also more complicated issues such as superannuation contributions, margin loans and income tax.
By video at the launch Prime Minister Julia Gillard said,
- ‘The MoneySmart website is a great initiative that helps people achieve their financial goals. It gives all Australians access to impartial and really useful financial guidance. I encourage everyone to check out the MoneySmart website and see how it can help.’
Launching the site, Assistant Treasurer Bill Shorten said,
- ‘The Government has a broad and comprehensive reform agenda to improve the financial services sector and the financial wellbeing of all Australians. Simple, unbiased tools that increase the financial literacy of Australians such as MoneySmart.gov.au are an important part of this.
One strand of the Government’s reform program is the Stronger Super package to make our superannuation system stronger and more efficient and help to maximise retirement income for Australians.
MoneySmart.gov.au has independent information, guidance and tools for all age groups about planning for retirement. The ‘retirement planner’ on MoneySmart.gov.au estimates what your income will be after you retire and what you can do now to boost it. It demonstrates how increasing employer contributions would give a big boost to people’s income in retirement,’ he said.
Parliamentary Secretary to the Treasurer David Bradbury, who has responsibility for financial literacy, said,
- ‘The Government is keenly aware of the importance of good financial literacy skills. Those skills help individuals and families meet their goals and secure their financial wellbeing, as well as contribute to the economic health of society, increase economic participation and social inclusion.
MoneySmart does not just provide information, the website empowers people to act by demonstrating the benefits of taking control of your personal finances. It takes Australians from simply acquiring knowledge to setting and implementing financial goals,’ said Mr Bradbury
Chairman of the Australian Government Financial Literacy Board Paul Clitheroe said,
- ‘The Financial Literacy Board is proud to endorse the National Financial Literacy Strategy and the new MoneySmart.gov.au website. After many years working towards improving the financial literacy of Australians, it’s great to see a simple, straightforward tool that will help people of all levels of financial knowledge take control, make good decisions and improve their financial situation.
Sound financial literacy skills are more important today than ever before. Research Summary of research provided with this media release shows about half of Australians are not confident they are getting the best deal when making important financial decisions. While many people are concerned about making financial decisions, Australians don’t necessarily know where to go to get the information they need.
MoneySmart has information for people at particular turning points in their lives such as starting work, buying a home, losing a job, having a baby or retiring. Whether you are young or old, rich or poor, investing or paying off debt; whether you are dealing with losing a job, having a baby, divorce or separation, buying a home and much more – the site offers free, independent guidance so you can make the best choices for you,’ said Mr Clitheroe.
ASIC Chairman Tony D’Aloisio said,
- ‘Today is a landmark day for Australian retail investors and consumers. Australians will have access to 100% unbiased and independent financial information in a one stop shop to improve their financial literacy and empower them to take control of their finances. MoneySmart.gov.au is simple guidance you can trust.
The MoneySmart.gov.au website and the underpinning strategy to improve the financial literacy of Australians is the result of a combined contribution and teamwork between the Financial Literacy Board, the Government, ASIC and industry and community groups. It is another tool we have added as the financial services regulator to assist retail investors and consumers make more informed choices,’ said Mr D’Aloisio.
The National Financial Literacy Strategy aims to create opportunities for Australians of all ages to learn about money and then apply these financial literacy skills to achieve better financial outcomes. It focuses on four interrelated areas of work, namely:
- Delivering quality financial literacy education to all Australians through schools, workplaces, higher education institutions and in the community;
- Providing all Australians with access to the information and tools they need to make good financial choices;
- Going beyond education to guidance and other strategies to enhance the financial well being of Australians, including developing a new consumer website; and
- Developing partnerships between the various sectors involved in financial literacy work, and better means of measuring the impact of what we do