The Association of Financial Advisers (AFA) is urging members to encourage the public to take the next step to better engage with their financial affairs by becoming involved in MoneySmart this week.
MoneySmart Week, which runs from 1-7 September 2014, is an independent, not-for-profit national initiative promoting the importance of financial literacy. Held annually, it is designed to encourage all Australians to take simple steps to make a positive difference to their financial wellbeing.
AFA CEO Brad Fox said the AFA has a strong commitment to financial literacy at the consumer level and is encouraging AFA members to get involved. “Australia has one of the largest and safest financial systems in the world, but for the majority of Australians, it is very complex and difficult to understand,” he said. “MoneySmart Week is an excellent government initiative to drive awareness and direct Australians to the places they can go for help with their finances. Financial advisers can be one solution, but there are many other resources available to Australians which can help improve their level of understanding around things like budgeting, superannuation and taking control of debt.”
Mr Fox said the important factor to consider is that Australians need to feel confident that they know the basics around their financial situation. “We find that once people gain the basic knowledge around their own situation, they are more inclined to become more involved in taking care of their personal financial position. Giving back to the community is common practice for AFA members and MoneySmart Week is another great opportunity for them to help and engage with their local communities.”
Mr Fox said the AFA is currently developing a comprehensive financial literacy strategy to be launched in 2015. “This strategy will complement the AFA’s Your Best Interest initiative, which is aimed at engaging, entertaining and educating the Australian public about financial advice and financial advisers.”
The AFA will share more about their financial literacy program at the AFA National Adviser Conference in Cairns from 12-14 October 2014.
