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ASIC launches Gen Y financial advice tools

The Australian Securities and Investments Commission will launch additions to the MoneySmart project today aimed at helping 16 to 25 year-olds manage their finances.

The ‘rookie education’ initiative will provide online information for consumers on a range of financial decision-making matters, including advice on buying a car, managing debt and moving out of home.

“When it comes to money matters, first-time mistakes can have significant consequences for young people,” said ASIC deputy chairman Peter Kell.

“Young people want to own cars, not huge debts. MoneySmart Rookie provides resources specifically designed to help 16 – 25 year olds make smart choices at important stages in their lives.”