In a statement, Minister for Revenue and Financial Services Kelly O’Dwyer said more than one-third of Australians find dealing with money “stressful and overwhelming”, and that improving individuals’ financial capabilities will result in improved financial behaviour.
“We want all Australians to be in control of their financial lives. The strategy guides action across the government, business, community, education and research sectors to support enhanced financial capabilities in individuals, families and communities,” Ms O’Dwyer said.
ASIC chairman James Shipton said the programs operated as part of the strategy will “make a difference in people’s lives” and will help Australians source information they need to make informed decisions regarding their finances.
“ASIC is committed to financial inclusion and better outcomes for all Australians. People are at the heart of the financial system and at the centre of this National Strategy. The financial sector as a financial community should be engaging in practices that promote fair consumer outcomes,” he said.
“In particular, we need to continue to encourage women to be more confident with money, young people to find the information they need when they need it, and support Indigenous Australians to access appropriate financial products and services. We want to see more Australians in control of their financial lives and I look forward to working collaboratively under the 2018 National Strategy to advance this important work.”
A website, managed by ASIC, has also been launched as part of the strategy and includes research and information for users to access.
We have a long way to go to build a financially savvy community but this is finally a step in the right direction. Huge opportunities ahead for those that embrace change.
Fabulous idea!! This will legislate apathy out of existence. Perhaps apathy should be a criminal offense, then we could really implement a solution.
Financial Services Reform Act 2001 fully implemented 11 March 2002, used Corporations Act and ASIC to save the cost of establishing a proper competent regulator. The true scandal revealed by the RC is twofold: [1] confirmation that ASIC has been asleep at the wheel for almost two decades, and [2] that vertical integration has abused the advice industry as simple distribution. Comments: [1] This will be overlooked and advisers made scapegoats again largely due to misleading presentations by Council assisting, and [2] imagine what an RC into the health industry would rveal if “Big Pharma” owned 80% of all GP medical practices.
Hear hear!
The Government would not need to spend money on PR pranks like this if Shipton’s ASIC instead enforced the law, including penalties, against the banks.