Literacy think tank to hit the streets
By Rebecca Evans
The National Consumer and Financial Literacy Taskforce is set to embark on a national roadshow aimed at improving Australia’s level of financial education, following the release of its anticipated discussion paper.
The taskforce will meet with consumers to discuss and promote literacy initiatives at a series of public forums, after recommending that consumers require better guidance to access information as they enter new financial phases in their lives.
Taskforce chairman Paul Clitheroe says the current levels of financial literacy in Australia mean consumers, regardless of age, are finding it difficult to take control of their financial situation.
“Overspending, over borrowing, under-insuring, scams, schemes and the complexity of financial products and processes need to be avoided, understood or overcome to achieve financial success” he says.
The taskforce reported that more than 700 consumer information initiatives are currently being produced by public, private and community sector bodies in Australia, leaving consumers feeling confused.
“Australia also lacks a formal network for information providers to communicate with each other, resulting in duplication and inefficiencies in the provision of information to consumers,” Clitheroe says.
The taskforce developed a consumer behaviour model to better understand the problems that exist for consumers and has suggested the formation of a co-ordinating body to help streamline information provision and connect information providers with consumers. The taskforce was appointed in February by the Minister for Revenue and Assistant Treasurer, Senator Helen Coonan.
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
