Australia
The Australian Government established a National Consumer and Financial Literacy Taskforce in 2004, which recommended the establishment of the Financial Literacy Foundation in 2005. In 2008 the functions of the Foundation were transferred to the Australian Securities and Investments Commission (ASIC). The Australian Government also runs a range of programs (such as Money Management) to improve the financial literacy of its Indigenous population, particularly those living in remote communities.
In 2011 ASIC released a National Financial Literacy Strategy (www.financialliteracy.gov.au) — informed by an earlier ASIC research report 'Financial Literacy and Behavioural Change' — to enhance the financial wellbeing of all Australians by improving financial literacy levels.The strategy has four pillars :
- Education
- Trusted and independent information, tools and support
- Additional solutions to drive improved financial wellbeing and behavioural change
- Partnerships with the sectors involved with financial literacy, measuring its impact and promoting best practice
ASIC's MoneySmart website (www.moneysmart.gov.au) was one of the key initiatives in the government's strategy, it replaced the FIDO and Understanding Money websites.
ASIC also has a MoneySmart Teaching website (teaching.moneysmart.gov.au) for teachers and educators. It provides professional learning and other resources to help educators integrate consumer and financial literacy into teaching and learning programs.
Read more about this topic: Financial Literacy
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—D.H. (David Herbert)
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