The Australian Securities and Investments Commission (ASIC) and Minister for Revenue and Financial Services Kelly O’Dwyer announced the launch of a new financial capability strategy this week, aimed at helping Australians take control of their financial situation.
Speaking to mark the launch, Ms O’Dwyer said the strategy will guide action across the government, business, community, education and research sectors to boost financial capability across daily money management, decision-making and planning for the future.
According to ASIC modelling, if all Australians’ financial capability was lifted slightly, the benefit over the next 30 years would be a $212 billion increase to consumer wealth and consumption.
“The financial sector as a financial community should be engaging in practices that promote fair consumer outcomes,” ASIC chair James Shipton said.
“In particular, we need to continue to encourage women to be more confident with money, young people to find the information they need when they need it, and support Indigenous Australians to access appropriate financial products and services. We want to see more Australians in control of their financial lives.”
Commenting on the strategy, the chief customer officer at superannuation solutions provider SuperEd, James Coyle, said the strategy is “particularly important in the context of superannuation”, given the millions of Australians in unsuitable products.
“The new ASIC website, combined with other online tools and interactive services, will be a great step forward for bolstering levels of financial literacy in this country and helping equip all Australians with the confidence they need to make better decisions regarding their financial futures."