The Federal Government has launched its 2018 National Financial Capability Strategy.

“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,” Financial Services Minister Kelly O’Dwyer.

The Strategy aims to help Australians better control their financial lives by improving their skills in:

  • managing money day to day
  • making informed decisions
  • planning for the future

Modelling commissioned by ASIC indicates that if financial capability levels for all Australians were lifted marginally above current levels, the present-day benefit of improved money behaviour over the next 30 years would be an increase to consumer wealth and consumption by $212 billion (2017 dollars).

“ASIC is committed to financial inclusion and better outcomes for all Australians,” ASIC Chair James Shipton said.

“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.

“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,” he said.

More information is available from the official website.