National financial literacy an ongoing challenge: ASIC

ASIC calls for submissions regarding the 2014-16 National Financial Literacy Strategy

The National Financial Literacy Strategy aims to improve financial literacy for young and old, in order to allow Australians to meet their goals, create opportunities and have financial wellbeing.

“ASIC Deputy Chairman Peter Kell said, ‘ASIC has taken a lead role in improving financial literacy in the community since the first financial literacy strategy was developed in 2011. But the road to achieving significant change in Australians’ financial literacy levels is a long journey – one that will take at least a generation.'”

This is a long term pursuit and requires constant input and support from those working in the financial sector to help positively change the financial behaviours of those who are not. ASIC has requested submissions from stakeholders to refresh the strategy in 2013 for the next three years.

“ASIC encourages representatives from organisations that fund or deliver financial literacy programs to participate in the stock take survey. The survey will capture what is currently being done and any gaps that need to be filled. It will be live on the National Financial Literacy Strategy website from 30 April 2013 until 30 June 2013.”

On the 3oth April, ASIC hosted a National Financial Literacy Forum that was successful in bringing together organisations, businesses and government to consult about activities and programs to further the goal of financial literacy in Australia.

“Apart from the forum, people can also contribute their views on directions for the 2014–16 Strategy by responding to the questions in the consultation paper and submitting their response to, by 30 June 2013.”

“The consultation paper should be read in conjunction with the background report which talks about the range and diversity of financial literacy programs being delivered in Australia.”

“Outcomes from the forum will be shared on the National Financial Literacy Strategy website.”

The national strategy was launched in March 2011 and has been developed to repsond to community needs by defining what financial literacy would mean and how to achieve it.

“Significant progress has been made over the last two years. A wide range of financial literacy programs have involved:

  • education in schools
  • providing trusted information, tools and support
  • developing innovative solutions to change behaviour
  • partnerships
  • measuring impact and promoting best practice.”

ASIC media release on their National Financial Literacy Strategy