A Sydney-based authorised representative of Matrix Planning Solutions has joined the Australian government in the fight to boost the financial literacy of Australians.
Caboodle Financial Services yesterday announced it was launching a range of educational tools, including a new book called Finance Action Hero: Basic Training.
The move comes as ASIC prepares to release the government’s national financial literacy strategy for 2014-2017.
“Financial advisers are in a unique position to help raise the financial knowledge and skills of Australians, and positively influence their attitudes and behaviour when it comes to money,” Caboodle Financial Services managing director Peita Diamantidis said.
“So many people we encounter as advisers work hard and earn good money yet they have nothing to show for it,” Ms Diamantidis said.
“They need to be compelled, prodded, zapped and stirred into action but the minute they decide to try and take control of their finances, they’re overwhelmed by all the information out there,” she said.
“They know they should do something but like a deer in headlights, they’re mesmerized by the oncoming catastrophe. They simply don’t know where to start.”
In 2013, ASIC undertook an extensive public consultation process to review the existing financial literacy strategy, which was set up in 2011.
A new and updated strategy is currently in draft form and is expected to be released soon.
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