The Australian Securities and Investments Commission (ASIC) has declared national financial literacy to be still a work in progress as it released the National Financial Literacy Strategy Annual Highlights Report for 2016-2017.
The report showed the financial literacy programs and initiatives that were delivered by a wide range of organisations across the government, education and community sectors in support of ASIC’s National Financial Literacy Strategy.
Some key findings from the report that demonstrated a positive response to the Strategy were:
- 60 per cent of schools engaged with ASIC’s MoneySmart teaching program
- 11,900 teachers engaged in ASIC’s MoneySmart teaching professional development program
- More than 650,000 students participated in other school-based financial literacy programs
- 7 million unique visitors to ASIC’s MoneySmart website, with 89 per cent reported to take positive financial action after visiting
- 2.9 million unique visitors to other free sources of information
- 330,000 people assisted through financial education programs
- Two in five initiatives are being delivered and/or supported through partnership; and
- 20,000 people participated in national and international surveys.
ASIC deputy chair, Peter Kell, emphasised the importance of working collaboratively across the sectors for greater reach and impact, and said strengthening financial capability takes time.
“We are making progress but understand improving the financial wellbeing of all Australians requires a long-term commitment,” said Kell. “This Report demonstrates that there are many opportunities across the country to help people build confidence around financial matters and to be better prepared to make informed financial decisions.”
