In a statement on the ASIC website the corporate regulator said the strategy provides a national framework for those across the government, business, and commodity and education sectors for improving national financial literacy.
ASIC developed the strategy from relevant consumer and investor research, and a consultation process with over 200 stakeholders.
Parliamentary Secretary to the Treasurer Steven Ciobo said enabling people to make the most of their money, manage financial risks and avoid financial pitfalls can have a “positive impact on the financial well-being of individuals, families and communities”.
ABA chief executive Steven Münchenberg, said while Australians have a good foundation of basic skills, challenges remain.
“The framework set out in the new strategy identifies a number of important areas for action and priorities,” said Mr Münchenberg.
The ABA said it endorses the five strategic priorities set out in the strategy including educating the next generation; increasing the use of free, impartial information, tools and resources; providing quality targeted guidance and support; strengthening coordination and effective partnerships; and improving research, measurement and evaluation.
The Financial Planning Association of Austrlaia also announced it’s support for the National Literacy Strategy stating that financial literacy is key to ensuring consumers can confidently make the right decisions in terms of finding the right financial advisers and acting on that advice.
FPA cheif executive Mark Rantall said the FPA believes all Australians have the right to access the best financial advice.
“We also agree that there is more to be done to ensure that financial literacy is improved across the board,” said Mr Rantall.
“A collective push is needed from industry and businesses, working together to increase financial literacy and to help bring about the right financial outcomes for all Australians.”
ANZ chief executive Mike Smith said ANZ also supports the strategy’s emphasis on the business community “stepping up to work alongside government, community and education sectors to help improve financial literacy”.
“Business has an important role to play given the long-term benefits coordinated action will have for our community,” said Mr Smith.
