FPA welcomes ASIC financial literacy strategy

In response to the launch of ASIC’s National Financial Literacy Strategy 2014-2017 last week, the FPA said the strategy will help consumers to access better financial advice.

FPA chief executive Mark Rantall said financial literacy is an everyday life skill that people need to better understand their finances and manage their financial outlook.

“We welcome ASIC’s commitment to helping consumers in this space with the launch of this strategy, as well as its MoneySmart week initiative,” said Mr Rantall.

“A collective push is needed from industry and businesses, working together to increase financial literacy and to help bring about the right financial outcomes for all Australians,” he said.

ASIC explained the strategy will improve the financial literacy of all Australians by providing a national framework that will allow action from stakeholders, including government, business, community and education sectors.

MR Rantall said the FPA will continue to support consumer-focused initiatives such as ASIC’s strategy to create a better financial future for Australians.

He also said the FPA will continue its own work to improve financial literacy through Financial Planning Week, to be held 25-29 August, to emphasise the benefits of a financial plan and trusted advice.