ASIC has released the National Financial Literacy Strategy for consultation.
The National Financial Literacy Strategy is a framework to guide policies, program and activities that aim to strengthen Australians’ financial literacy and capability.
The five priorities in the National Strategy are:
- Educate the next generation, particularly through the formal education system;
- Increase the use of free, impartial information, tools and resources;
- Provide quality targeted guidance and support;
- Strengthen co-ordination and effective partnerships;
- Improve research, measurement and evaluation.
A key feature of the National Strategy is collaboration across different sectors, including government agencies, community organisations, the education sector and financial services firms. ASIC is leading a public consultation process to shape the National Strategy from 2018 and is seeking feedback on a number of issues including:
- updating the language of the National Strategy from ‘financial literacy’ to ‘financial capability’ to reflect a growing focus on behaviours that support better financial outcomes;
- expanding the priority audiences identified under the National Strategy, for example to include people with disability (and their families or carers) who are navigating choices and options under the National Disability Insurance Scheme, or people in newly arrived communities who are attempting to understand and access financial services;
- broadening stakeholder reach and engagement with the National Strategy, including through the use of new technologies and;
- improving research, measurement and evaluation.
‘Building financial capabilities requires a long-term commitment to lay the foundations for behavioural change over time. We all confront significant financial decisions at key points in our lives, such as leaving school, having children, or reaching retirement. To help people develop healthy financial habits and make better decisions about money we’re seeking feedback on the National Strategy’, said ASIC Deputy Chair Peter Kell.
‘I encourage people to share their views with us through this process. Your input will help us shape a National Strategy that supports positive outcomes for individuals and communities now and into the future’, Mr Kell said.
ASIC invites feedback on the consultation paper from all interested stakeholders. Submissions are due by Friday 17 November 2017.
