A new report shows that financial literacy education can help disadvantaged young people set goals for the future and get on top of personal financial challenges, said Parliamentary Secretary to the Treasurer, David Bradbury.
Mr Bradbury today launched an RMIT University report into ANZ's MoneyMinded financial literacy program, which has reached more than 125,000 people over the last six years through partner community organisations across Australia.
The report found that at-risk young people who received MoneyMinded education through Mission Australia saw vast improvements in attitudes towards money.
"Many of the young people who received MoneyMinded financial literacy training through Mission Australia had very little income, high levels of debt and difficult personal circumstances," said Mr Bradbury.
"After participating in various Mission Australia programs, where these young people were taught basic financial literacy skills based on MoneyMinded, they began to set goals for their own future, set their own budgets and better understand where to go for help and information.
"I would like to congratulate ANZ, Mission Australia and all of the other community organisations and supporters of MoneyMinded for their commitment to the program.
"Financial literacy is about empowering people to make informed decisions about their finances.
"Understanding more about your financial health can help you set goals, get on top of financial challenges and grow your wealth.
"Often the first steps are the hardest to take, but something as simple as working out a household budget can make a big difference."
The Gillard Government has introduced a range of measures to boost the financial literacy of all Australians through the National Financial Literacy Strategy.
"The first part of the Strategy is the MoneySmart website, developed by the Australian Securities and Investments Commission (ASIC), which offers free, unbiased guidance about personal finances," said Mr Bradbury.
"The MoneySmart website has 26 online tools and mobile phone apps to help you work out a budget, how much interest you are paying on your credit card or how long it will take to save for a holiday.
"MoneySmart also has important information to help you make decisions about everyday financial decisions, like buying a mobile phone, taking out insurance and investing."
The Gillard Government has also provided $10 million over three years to ASIC under the Helping Our Kids Understand Finance initiative to deliver face-to-face financial literacy training for more than 6,000 teachers as part of the new Australian Curriculum.
4 May 2011