O’Dwyer launches National Financial Capability Strategy
Minister for Revenue and Financial Services, Kelly O’Dwyer, has launched the 2018 National Financial Capability Strategy, which aims to help Australians improve their skills in managing money, making informed decisions and planning for the future.
The strategy rolls off the back of the Australian Securities and Investments Commission’s (ASIC’s) revelations that if financial capability levels were marginally lifted, the present-day benefit of improved money behaviour over the next 30 years would increase consumer wealth and consumption by $212 billion.
ASIC chair, James Shipton, said the program would allow Australians to access the information and guidance they need to ensure they make informed decisions.
“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.”
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