The AFA is urging its members to encourage the public to better engage with their financial affairs by becoming involved in MoneySmart Week.
“MoneySmart Week is an excellent government initiative to drive awareness and direct Australians to the places they can go for help with their finances,” Mr Fox said.
“Financial advisers can be one solution, but there are many other resources available to Australians which can help improve their level of understanding around things like budgeting, superannuation and taking control of debt,” he said.
Mr Fox said Australians need to feel confident that they know the basics of their financial situation and their future.
“We find that once people gain the basic knowledge around their own situation, they are more inclined to become more involved in taking care of their personal financial position,” Mr Fox said.
“Giving back to the community is common practice for AFA members and MoneySmart Week is another great opportunity for them to help and engage with their local communities.”
Mr Fox added that the AFA is currently developing a comprehensive financial literacy strategy to be launched next year.
“This strategy will complement the AFA’s Your Best Interest initiative, which is aimed at engaging, entertaining and educating the Australian public about financial advice and financial advisers,” he said.
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