The Minister for Revenue and Assistant Treasurer, Peter Dutton, MP, today launched a national media campaign that will encourage Australians to put themselves in charge of their money. The Understanding Money campaign is part of the Government’s commitment to helping all Australians improve their financial knowledge and better manage their money.
“Understanding money can pay off – no matter what your age or income,” Mr Dutton said.
“It allows us to save and make sound spending and investment decisions. Most importantly, it allows us to feel more in control of our money. Improved financial knowledge and understanding can increase your choices and help you get more out of life.”
The campaign will be supported by the Understanding Money website and handbook that will show people how to take control of their money and make their money work better.
Mr Dutton said that most Australians see the value of better managing their money but they often don’t know where to start.
“The website and handbook provide practical, easy-to-understand information about money matters. They outline the simple things that people can do regularly to make a real difference to their bottom line,” he said.
Mr Dutton was joined at the launch by the Chairman of the Financial Literacy Foundation, Mr Paul Clitheroe, who said that the advertisements would start on commercial television this Sunday, 30 July, with radio, outdoor and print media advertising also appearing from next week. The campaign will run until mid-December.
“I’m excited to be involved in a campaign that will encourage Australians to take control of their money by getting into some good, basic habits and sticking to them.” Mr Clitheroe said.
“People often ask me – ‘What is the secret to being good with money?’ I tell them that understanding money pays off and that it’s easier than you think to take control of your money.”
“A few simple things done regularly can make a difference.
“Put yourself in charge by:
- Preparing a budget plan - work out how much you earn and what you spend it on, to help you see where you could make changes;
- Setting some financial goals - they don’t have to be big, but they’ll help you see what you could gain by being better with your money;
- Getting into the savings habit - once you’ve set some goals, try to save regularly and as much as you can to meet your goals.
“To take further control of your money, you can:
- take a hard look at your loans and credit cards and see what scope there may be to consolidate them or adjust your spending habits;
- look for opportunities to make your money work harder by investing and check that you’re contributing enough to your superannuation;
- think about how you can protect your money, such as making sure that you have the right insurance; and
- shop around, get information and seek advice if you’re not sure about managing your money or if you need help.”
The Handbook
The Understanding Money handbook can be ordered by telephoning 1800 236 235 or via the website www.australia.gov.au/understandingmoney. It is available in English and seven community languages.
It will also be available through Centrelink, Medicare and Job Network offices and by members of Certified Practising Accountants Australia (CPAA).
About the Financial Literacy Foundation
The Australian Government established the Financial Literacy Foundation in June 2005 to give all Australians the opportunity to better manage their money.
The Foundation:
- provides a national focus for financial literacy issues and works in partnership with government, industry and community organisations to advance financial literacy in Australia, and
- focuses on making lasting improvements in financial literacy by:
- creating opportunities for Australians of all ages to learn more about money – at school, through vocational and higher education, in the workplace and in the community,
- providing practical support to educators and trainers and working to improve the availability of quality financial literacy education resources,
- undertaking research - current priorities are a national study to set a benchmark for consumer awareness of financial literacy and a project to examine the most effective ways to deliver financial literacy information to consumers.
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Facts and Figures about the Understanding Money Campaign
The campaign is a significant undertaking by the Government aimed at raising consumer awareness of the importance and benefits of financial literacy.
It will run from 30 July 2006 until mid-December 2006 across an extensive range of media. It comprises: 4 television commercials; 6 radio executions; 7 print advertisements; 5 outdoor banners; and multiple internet executions.
The campaign is deliberately designed to be in front of people of all ages, types, economic situation and location.
- Every Australian should see the television advertisements an average of 16 times;
- The print advertisements will appear in 26 magazines, from Women’s Weekly to Street Machine;
- The newspaper advertisements are forecast to reach 85% of the population;
- Every Australian 18 and over should hear the radio advertisements at least 10 times; and
- The outdoor banners will appear on sites from Penrith to Perth.
The campaign includes three important calls to action:
- Call for the Understanding Money handbook (1800 236 235);
- Visit the website (www.australia.gov.au/understandingmoney)
- Attend a seminar (information regarding seminars is available at the website)
The handbook will be available by calling the hotline, downloading from the website or from our distribution partners:
- Your local CPA Australia member;
- Medicare offices;
- Centrelink; or
- Employment Service Providers.
This important work has a budget of $13 million.