Advisers address lack of financial literacy among Australians

Two advisers from a Financial Services Partners planning firm have taken it upon themselves to address the lack of financial literacy in Australia.

Wilson and Analaura Luna have produced a series of five books and a supporting website — Your Family Your Money — which they say provides a platform for good quality general advice and basic money management techniques consumers can use, particularly during the global financial crisis.

“We’re resource rich in our industry, it’s about tweaking that information to make it consumer applicable,” Luna said.

“Being an adviser… we know what value good advice is”, however, “as a culture we haven’t been taught that from an early age”.

Luna believes the cost of advice hinders many consumers from accessing it.

“We’ve got all these resources within the industry that we can help people at least know where to point to when they need help,” Luna said.

The books offer consumers basic financial information, which can then help them decide whether it is appropriate to seek out an adviser.

“I think in a lot of cases, if you provide [financial] education … then people who require it or need it or see the value in it will move toward it.”

The books are divided into stages of life with topics that include, retirement, divorce and redundancy.

The first book in the series, Real Money Advice for Families, will be available in bookstores next month.