Senator Nick Sherry, Minister for Superannuation and Corporate Law and Mr Tony D'Aloisio, Australian Securities and Investments Commission (ASIC) Chairman, today announced a new financial literacy program designed to assist young Australians who are making decisions about insurance and superannuation.
Your Money Starter - Insurance and Super: a financial literacy resource for secondary schools, which includes interactive online games, is currently being distributed to every secondary school in Australia.
"Your Money Starter has been designed to enhance financial literacy across a range of areas and there are opportunities for links with the curriculum in all states and territories."
"We believe financially literate young Australians are more likely to become informed adult consumers and investors."
"Many young Australians thinking about buying a car or going on a holiday need to consider the insurance cover they may require. And many already belong to superannuation funds through part-time jobs, or soon will when they enter the workforce," Minister Sherry said.
"Young Australians who understand insurance as a way to protect their assets, and superannuation as an effective way to save for retirement, will get a head start on two key areas of personal finance," Minister Sherry said.
Mr D'Aloisio said ASIC was committed to improving financial literacy for all Australians, young and old.
"Using innovative models to deliver information is essential to encourage engagement with young Australians," Mr D'Aloisio said.
"Your Money Starter includes a variety of innovative classroom materials, activities and multimedia elements designed to make learning about financial services relevant and attractive to teenagers," Mr D'Aloisio said.
Many (80 per cent) of young Australians aged 12 to 17 recognise the need to learn more about choosing appropriate insurance. Most (85 per cent) also recognise the importance of learning more about planning for their financial future1.
The materials are available in hard copy and on CD-ROM and can be downloaded, free of charge, from ASIC's consumer website, FIDO, at www.fido.gov.au/yourmoneystarter.
The resource includes:
- Plan for the party - Super, a short interactive animated movie about superannuation
- Safe or sorry - Insurance, a short interactive game about buying a car and choosing insurance cover
- Teaching units for Middle Secondary years
- Investigations for Senior Secondary years
- Fact sheets and glossaries on a range of youth-specific topics within insurance and super
1Financial literacy - Australians understanding money, Appendix 1: Young people and money, Financial Literacy Foundation (September 2007)