The Minister for Revenue and Financial Services Kelly O’Dwyer has unveiled the National Financial Capability Strategy, the financial literacy program that will use fines collected by ASIC from the big four banks.
Launched at the Parliament House on Tuesday, Ms O’Dwyer said the program aimed to boost Australians’ skills in day-to-day money management, decision-making and planning for the future.
“The Strategy guides action across the government, business, community, education and research sectors to support enhanced financial capabilities in individuals, families and communities,” Ms O’Dwyer said.
Part of NAB, ANZ AND CBA’s penalty fines paid to ASIC for manipulating the BBSW were to go towards what was then referred to as a ‘financial consumer protection fund’.
In May, Ms O’Dwyer called this body a “game changer” and that it would “be to financial literacy and capability what beyondblue has been to mental health”.
The Strategy — which is led, coordinated and managed by ASIC — aims to support women, younger, older and Indigenous in particular, according to the National Financial Capability Strategy’s website.
ASIC chair James Shipton is a board member of the Australian Financial Literacy Board and said that “people are at the heart of the financial system” as well as the National Financial Capability Strategy.
“The financial sector as a financial community should be engaging in practices that promote fair consumer outcomes,” he 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 and I look forward to working collaboratively under the 2018 National Strategy to advance this important work.”
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