Today, when launching the second survey of adult financial literacy commissioned by the ANZ Bank, the Parliamentary Secretary to the Treasurer, the Hon. Chris Pearce MP, congratulated the ANZ Bank for recently adopting a formal responsible lending code.
“It’s commendable that the ANZ is the first bank in Australia to adopt a formal responsible lending code – showing it cares, like the Australian Government, about increasing financial literacy across the country”, Mr Pearce said.
“Whatever our income level, we all need the skills to manage our money, this is why the Australian Government has established the Financial Literacy Foundation.
“The Commonwealth has demonstrated its commitment to improving financial literacy, but this does not mean that the States and Territories can wipe their hands of the issue. The States and Territories need to step up to the plate to ensure financial counselling services are adequately funded.
“2006 will be a landmark year for financial literacy in Australia. The Foundation will launch an information campaign to heighten consumer interest in the issue of financial literacy, especially in terms of how thinking about money in a “healthy” way can improve people’s wellbeing.
“It is important that all Australians — children, teenagers, young adults, older adults and retirees — are better informed about their financial future.
“A financially literate community is also important for building consumer confidence in the marketplace. Consumers who feel they are protected and equipped to look after themselves in the marketplace have greater confidence participating in that marketplace.
“And more confident consumer participation is not only good for consumers themselves, but also good for business and the Australian economy as a whole.
MELBOURNE
Contact: Gillian Harvey
(03) 9887 3890
25 November 2005