Presentations from ASIC's Financial Literacy Community of
Practice delivered in 2017.
Leveraging the power of
fintech to provide affordable credit options for consumers
6 October 2017
Corinne Proske, General Manager Retail and Online, Good Shepherd
Elliot Anderson, Head of Financial Inclusion, National
NAB and Good Shepherd Microfinance outlined a new initiative
they have been working on, called Speckle, which leverages leading-edge
fintech to provide a scalable and sustainable credit solution.
Speckle is currently being piloted in Victoria and Tasmania, with
other states and territories to follow.
The session covered:
- Scoping of the business case and market opportunity
- An outline of the product features and how it works
- Key learnings from the development process
- What has been the initial experience for customers so far
Microfinance and NAB - Presentation
DHS Financial Information
28 July 2017
Craig Davidson, Assistant Director, DHS Financial Information
The Department of Human Services provides the Financial
Information Service (FIS) to increase financial education in the
community. Over the last 27 years, FIS has equipped people with
knowledge needed to make informed decisions about wealth creation,
investments and retirement planning. FIS Officers work
enthusiastically to make sure people get the information they need
- whether at a seminar, through the DHS call centre, or via face to
face interviews. FIS also assists employer groups and community
organisations with increased financial literacy awareness through
education and outreach services.
This presentation outlined how FIS is seeking greater ways to
assist the changing needs of customers and adapt to the financial
environment of the future.
DHS Financial Information Service -
Judith Waller, Senior Policy Officer, ASIC
In 2017 ASIC is leading a review and consultation process, with
a view to refining and updating the National Financial Literacy
Strategy for 2018 and beyond. This is an opportunity to further
strengthen partnerships and collaborative efforts, and broaden
engagement to increase collective impact.
Judith provided a brief overview of the key areas to be
considered during the consultation, highlighed some issues
identified through discussions so far, and explained how supporters
can contribute their views to inform the development of the updated
Financial Literacy Strategy - Presentation
Impact of financial conversations
on the financial capability of NILS applicants
30 June 2017
Dr Vinita Godinho, Good Shepherd Microfinance
(Presenting with Lauren Thomas, Kate Eccles & Rachel Davis,
Good Shepherd Microfinance)
The 'Pathways to Resilience' research investigated the impact of
financial conversations that microfinance workers have with every
applicant for a No Interest Loan Scheme (NILS) loan. The study
found that the applicants' financial capability peaks at the point
of these conversations and found that the impact of the
conversation varies, depending on the applicants' existing
financial capability, needs and circumstances. It also revealed
that the immediate impact of the conversation normalises over time,
suggesting microfinance workers need new strategies to sustain
improved capability over the longer-term.
Since publication, these insights have informed the development
of a new training module available to all microfinance workers
across Australia through the Good Learning online portal, enabling
them to tailor their support to applicants' individual needs. Read
GSM Research Report.
Microfinance - Presentation
How can we make disclosure work
better for consumers?
26 May 2017
Denise Hang, Insurance Council of Australia
Effective product disclosure is an ongoing challenge for
consumer contracts of all kinds around the world. Delivering
information at the right time, and in the right way, to improve
decision making is complex. In 2015, the Insurance Council
established an independent taskforce to assess the effectiveness
of, and recommend initiatives to enhance, product disclosure.
This presentation outlined the findings from research that has
been conducted by the Insurance Council into consumer pre-purchase
decision-making and the role of disclosure in helping consumers to
purchase general insurance that meets their needs. Read the
ICA research report.
Council of Australia - presentation
Clare Marlin, ASIC's Behavioural Economics team
Clare has been researching and reporting on consumer and
investor behaviour for 20 years, including ASIC's disclosure
research. In this presentation, Clare highlighted ASIC's research
on the limits of disclosure and draws on common themes across
ASIC's significant bank of consumer and investor research, as well
as relevant principles from the behavioural sciences.
Behavioural Economics - presentation
Achieving results for Indigenous
28 April 2017
Nathan Boyle, ASIC's Indigenous Outreach Program
Nathan presented on recent court outcomes in the Channic car
loans case and Mintabie book up matter and explained how ASIC
approached these investigations in new ways to ensure they were
culturally appropriate, in order to gain a fuller picture of the
financial agreements made by Indigenous consumers.
Nathan also explained some of the key financial literacy gaps
for Indigenous consumers and gave an update on the IOP's work to
improve access and knowledge around superannuation.
Achieving results for Indigenous consumers, ASIC's
Start Smart story book and
ASIC's MoneySmart Teaching
31 March 2017
Kylie Macfarlane, General Manager Corporate Responsibility,
Start Smart is the country's largest financial education program
reaching more than 500,000 school students in the last year.
In 2016, CommBank piloted a program extension with an educational
story book and virtual reality experience for young kids and
parents to enjoy together.
This presentation detailed insights from the pilot and how the
initiative has triggered new thinking about how best to teach money
Start Smart story
book and virtual reality experience
Miles Larbey, Senior Executive Leader, ASIC
ASIC's MoneySmart Teaching is the Australian Government's
financial literacy program for schools, supported by State and
Territory education departments. ASIC works collaboratively with
the formal education sector to support teachers in the classroom
and develop in students from a young age the knowledge, skills,
behaviours and attitudes to make informed decisions about money and
This presentation highlighted ASIC's MoneySmart Teaching program
new resources for school communities and online professional
learning modules to build teacher's confidence and capability in
financial literacy education.
Teaching program resources
effectiveness of a text message nudge
24 February 2017
Professor Roslyn Russell, RMIT University
Dr. Wayne Warburton, Macquarie University
The Wesley Mission 'In Charge of My Money' Financial Literacy
program aims to help vulnerable people build financial capabilities
to manage their money and avoid getting into debt.
In this presentation, Professor Roslyn Russell and Dr Wayne
Warburton presented details of the first evaluation of Wesley
Mission's Financial Literacy program and the effectiveness of
follow-up reminders to increase the chance of sustained change.
Evaluating the Wesley Mission Financial Literacy Program
Last updated: 17 Oct 2017