Working together to build financial literacy in Australia

The Australian Bankers’ Association (ABA) said today that the new National Financial Literacy Strategy 2014-2017 will help more Australians take control of their money and finances.

The National Financial Literacy Strategy 2014-2017 aims to improve the financial literacy of all Australians by providing a national framework for action.

Steven Münchenberg, Chief Executive of the ABA said: “The banking industry welcomes the new National Financial Literacy Strategy 2014-2017 released today by the Australian Government. We have been closely involved in the consultation process and the development of the Strategy and will be a supporter of the Strategy going forward.”

“Financial literacy is a vital life skill. All Australians need to have the knowledge, skills, capabilities and capacities to understand how to manage their money, build their savings, make sound investment decisions, and manage their debts, now and into the future.”

“Even though many Australians have a good foundation of basic skills, it is very clear that challenges remain. It will take a comprehensive approach through coordinated and sustained efforts of a number of stakeholders across the government, banking and financial services, business, community, and education sectors to build financial and consumer literacy in Australia. The framework set out in the new Strategy identifies a number of important areas for action and priorities.”

The ABA commends ASIC for its role as the lead Australian Government agency in the development of the Strategy and its ongoing coordination. We strongly endorse the five strategic priorities contained in the new Strategy, being:
–  Educate the next generation, particularly through the formal education system;
– Increase use of free, impartial information, tools and resources;
– Provide quality targeted guidance and support;
– Strengthen coordination and effective partnerships; and
– Improve research, measurement and evaluation.

“The banking industry has, and continues, to invest in financial literacy programs and activities and to support a substantial program of collaboration with community organisations and government agencies. The ABA’s “Broadening Financial Literacy” program has been running for over a decade now. Many banks have been providing financial literacy programs and activities for many more years.”

“In recognition of the new Strategy and as an affirmation of the banking industry’s long-term commitment to improve financial literacy for all Australians, we have today published our new Position on Financial Literacy.

“The Position acknowledges and supports the new Strategy and outlines the principles and components of the banking industry’s program and contains the key actions Australia’s banks will pursue to help raise levels of financial literacy in Australia,” Mr Münchenberg said.

ASIC launches the National Financial Literacy Strategy