Majority of advisers commit to financial literacy

ifa’s latest straw poll shows that 83.8 per cent of the 314 advisers surveyed would be interested in teaching financial literacy to school students.

Speaking to ifa, RGM Financial Planners adviser Paula Siddle said, “Research has shown that the two strongest influences on financial literacy skills in young people is family and school.”

Ms Siddle is currently completing undergraduate studies on the topic of financial planning intelligence in the education system.

“We have a lot of young people leaving the education system and they have not had exposure to financial literacy or planning to develop these skills,” she said. “It can only be beneficial for finance professionals and secondary educational institutions to be able to build long-term relationships.”

Financial literacy needs to be part of the national education standard and compulsory curriculum, according to Ms Siddle.

Initiatives such as the ASIC national financial literacy strategy and the Wealth Academy are examples of programs that advisers can become a part of, she added.

“Our school system has been designed to ensure that socio-economic status should not inhibit the quality of education available to young people, which is why I think financial planning and literacy has a place in our school system.”

Sean Litchfield, director of ANZ-aligned advice firm Comsure Financial Solutions said he would be willing to even go a step further.

“If it means changing the way people think and providing kids with access to crucial financial knowledge – I would absolutely want to work with schools and help educate students. I’d do it for free or even pay to do it,” he said.