The Defence Department has produced its own financial literacy package to help its members make informed decisions.
The Australian Defence Force Financial Services Consumer Council has created a variety of resources, including a website, booklets and multimedia packages, which will be distributed to serving members and their families.
Assistant Defence Minister Bruce Billson said the package will help defence force members and their families make informed decisions about their financial futures.
“The resources have the potential to impact positively on the welfare and peace of mind of all serving members and their families as well as civilian members of the department,’ the minister said.
“The educational text in this material has been developed in conjunction with ASIC[Australian Securities and Investments Commission], and I am grateful for their ongoing support of the council’s work.”
The Australian Competition and Consumer Commission have also been involved in developing the material.
Billson said the council’s charter is to provide independent, professional financial education to members, but he stressed it was not financial advice.
“The council will also act as an expert and independent advisory body on consumer matters related to products and services offered to defence force people by the financial services industry,” he said.
“It will also foster and maintain positive relationships with the regulators, relevant industry associations and participants in the financial services industry.”
