The Australian Government today announced a high-level taskforce to develop the first ever National Strategy for Consumer and Financial Literacy.
Recognising that improving financial skills and education for all Australians is the key to economic prosperity, the Government formed the Taskforce to coordinate a national approach to the provision of consumer and financial information and education.
The National Consumer and Financial Literacy Taskforce was officially launched today by the Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan.
The 15 member Taskforce, will be chaired by finance commentator and author Paul Clitheroe, includes educators and representatives from industry, regulators, community and welfare organisations as well as small business.
The Taskforce also draws together members with expertise on the specific financial challenges faced by women, indigenous people and Australians living in rural and regional areas.
Although a diverse range of consumer and financial literacy programs already exist, the Australian Government recognises there is a need for a national and collaborative approach that builds on the many good programs run across the country.
“The Australian Government is committed to helping Australians save for their future and recognises that low levels of financial literacy act as a barrier to consumer awareness and informed participation in the financial system,” Senator Coonan said.
“Whether you’re a teenager with a mobile phone, a family with two kids and a mortgage or planning for your retirement, Australians must have the financial skills to avoid rorts and scams and stay on a safe and smart path to their saving goals.
“The Taskforce’s aim is to streamline, augment and add to existing consumer and financial literacy information and programs and to develop a strategy for a nationally co-ordinated approach to helping Australians increase their capacity to budget, save, invest and understand risk.”
While the Taskforce will take a whole-of-life approach to the issue of consumer and financial literacy, a necessary focus will be on how to improve financial education and information for children in school.
“By encouraging young people to make safe and smart decisions about money and levels of debt from an early age, we can help them to develop into financially savvy teenagers and successful adults,” Senator Coonan said.
“Today’s announcement builds on the Australian Government’s commitment to improving the literacy and numeracy skills of all young Australians.”
The launch of the Taskforce marks a renewed, more targeted and collaborative approach to consumer and financial literacy in Australia.
The Taskforce will develop a discussion paper on consumer and financial literacy for release in May this year and will deliver its final report to the Government in August this year.
The Terms of Reference and a list of Taskforce members are available on the Consumer and Financial Literacy Taskforce website (http://cfltaskforce.treasury.gov.au/).