Banking group ANZ plans to refocus effort on simplifying its product range, after industry research found a large sector of Australians are significantly lacking in financial literacy.
As part of its plan, ANZ intends to offer its products in a transparent and responsible manner, to ensure customers can easily make informed choices, ANZ chief executive Mike Smith said.
“ANZ has a responsibility to ensure information about our products is easy to understand and that the products’ costs and benefits are transparent. Through research we know that our customers, across all ages, incomes and geographies, value simple, uncomplicated products and services,” Smith said.
“I do not underestimate the magnitude of this task but I am sure that our sector, working with government, regulators and community stakeholders, can make a difference.”
The ANZ 2008 Financial Literacy Research found that young people, seniors, women – particularly older women, those with low levels of formal education and low income earners are significantly behind the rest of the community in financial literacy.
“The current global financial turmoil highlights the importance of responsible lending, good advice and sound money management,” Smith said.
He added that ANZ supported the Federal Government’s decision last week to move to national regulation of credit.
The research was launched in Melbourne yesterday by Smith, Federal Minister for Superannuation and Corporate Law Senator Nick Sherry and ASIC Chairman Tony D’Aloisio.
