The Australian Securities and Investment Commission (ASIC) recently partner with Revenue and Financial Services Minister Kelly O’Dwyer to introduce the National Financial Capability Strategy, according to Financial Standard.
Developed from the ASIC’s national financial literacy initiatives from between the years 2014 to 2017, the new National Financial Capability Strategy will help Australians improve their grasp on their financial situation. The strategy hopes to achieve this by acting as a guide across various sectors such as the government, business, community, research and education, where it will assist with decision-making, money management and planning for the future.
Part of the reason for this strategy’s creation is due to a study provided by the Australian Financial Attitudes and Behavior Tracker, where it reveals that one in three people usually see money matters as overwhelming and rather stressful. Another research also states only 40 percent understand what diversification is, while only 35 percent know what superannuation balance means.
Per the ASIC modeling, the country would gain an additional $212 billion in consumer wealth and consumption over the next 30 years given that the financial capabilities of its citizen would receive a boost.
According to ASIC Chairman James Shipton, one of the more prominent focus points of this new initiative includes encouraging women to continue their confidence with their money, as well as giving young people access to information “when they need it.” The strategy will also provide Indigenous Australians with the appropriate financial products and services they need.
“We want to see more Australians in control of their financial lives,” Shipton said. He also added that investing time in these skills will be beneficial for so many down the line.
And seeing as recent findings by the Financial Planning Association (FPA) revealed that a cashless society might impact the way young Australians handle their money, this new ASIC initiative couldn’t have come at a much better time.
The study detailed that out of five parents, three of them believe that the current generation will suffer more financially than their generation. Additionally, 66 percent of the parents expressed reluctance in talking to their children about finance.
On the other hand, compared to parents who didn’t ask for a financial planner’s help, those who did or will talk to one have the higher chance of discussing money to their children.
According to FPA CEO Dante De Gori, one of the significant insights on this year’s research is that “parents who seek the advice of a financial planner create a lasting positive legacy for their kids too, in matters of money and life.”
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