Financial literacy action plan

National Financial Literacy Strategy 2014-17: Action plan

This action plan describes indicative actions for all stakeholders, including ASIC, under the 2014 Strategy's five strategic priorities, and identifies key indicators of progress under each priority.

The first three strategic priorities focus on building the capacity of individuals, families and communities. The other two provide direction to organisations involved in financial literacy research, policy development and program delivery.

The plan is designed to be flexible and may be revised at any time in response to changes in the external environment and/or to reflect progress made on specific actions.

Read the 2014 action plan, National Financial Literacy Strategy 2014-17: Action plan.

1. Educate the next generation, particularly through the formal education system

Equipping young people with the basic knowledge, skills and behaviours needed to make good financial decisions gives them an essential skillset to use and build on throughout their lives.

Actions under this strategic priority focus on building teacher capability and confidence to effectively teach financial literacy using a curriculum-based approach, and extending opportunities to engage students in post-compulsory education, particularly vocational education and training (VET).

Actions

Core actions Indicative actions for ASIC and relevant stakeholders
1.1 Continue to promote a curriculum-based approach to teaching financial literacy in schools
  • Respond to relevant draft Australian Curriculum documents during consultation periods
  • Encourage extension of the National Consumer and Financial Literacy Framework to include Year 11 and 12 outcomes
  • Work collaboratively with state and territory education departments and sectors (including Catholic and Independent)

1.2 Increase the number of teachers trained through ASIC's MoneySmart Teaching professional learning program

  • Train a minimum of 20,000 teachers and pre-service teachers through ASIC's MoneySmart Teaching program (face-to-face and online)
1.3 Develop resources for teachers and students with a key focus on the Australian Curriculum for Economics and Business
  • Deliver online and print resources to support implementation of the Economics and Business curriculum
  • Continue to enhance MoneySmart Teaching online resources as a financial literacy portal for educators
1.4 Increase the engagement and confidence of teachers to teach consumer and financial literacy through the Australian Curriculum
  • Deliver free workshops to school students to help them learn about money
  • Create opportunities for teachers to come together to share resources, learnings from partnership programs and successful teaching strategies, including for special needs students (for example, CALD, disability, Indigenous)
  • Offer awards to recognise and reward teachers who build their students' financial literacy
1.5 Increase the number of vocational education and training (VET) students participating in financial literacy education
  • Develop modules to support Cert III: Be MoneySmart competencies and Cert IV: Be MoneySmart in Small Business competencies
  • Develop and promote resources for VET students and teachers to support competencies in financial literacy
  • Deliver free workshops to help VET students learn about money

Key indicators

  • Number of schools engaging in financial literacy education
  • Number of teachers participating in ASIC's MoneySmart Teaching professional learning program
  • Number of VET students participating in financial literacy education

2. Increase the use of free, impartial information, tools and resources

Encouraging people to use impartial and appropriate guidance and tools at the point of decision-making is a core part of building their financial literacy.

Actions under this strategic priority focus on targeting people at key life stages or when their personal circumstances change, and strengthens engagement of Indigenous Australians, pre-retirees, seniors and women.

Actions

Core actions Indicative actions for ASIC and relevant stakeholders
2.1 Continue to enhance ASIC's MoneySmart as a core resource and reference point for the Australian population
  • Increase the number of tools and resources available on mobile platforms
  • Multiply the number of direct referral points from relevant government, community and business organisations

2.2 Increase the number of people accessing MoneySmart and other free, impartial sources of information, tools and resources, including for example:

  • Indigenous Australians
  • Pre-retirees
  • Seniors
  • Women
  • Develop and implement multi-sector communication plans to:
    • promote free, impartial sources of information to Australians at key financial decision points
    • help parents and carers to talk with their children about money
    • promote use of appropriate resources through established community programs, networks and outreach services for key audiences such as: Indigenous Australians, pre-retirees, seniors and women
  • Promote national initiatives to broaden awareness of financial literacy and motivate Australians to take positive steps to improve their financial situation
  • Support investors, particularly re-retirees and seniors, to better understand investment risk and make wise financial decisions
  • Broaden the availability of sophisticated and easy-to-use budgeting tools that link to consumers' bank transaction data
  • Promote resources aimed at parents through relevant community groups and workplaces
2.3 Promote workplace-based financial literacy programs
  • Develop and promote resources for use by large and small businesses to build employee financial literacy
  • Encourage employers to deliver structured workplace financial literacy programs free to their employees

Key indicators

  • Number of people accessing ASIC's MoneySmart website and print materials
  • Number of people accessing other free, impartial sources of information, tools and resources
  • Outcomes of research studies and evaluations show changes in financial wellbeing

3. Provide quality targeted guidance and support

Cross-sectoral partnerships are key to addressing the often complex needs of specific groups in the community, particularly disadvantaged and/or vulnerable groups.

Actions under this strategic priority focus on fostering good practice in national programs and services that provide targeted guidance and support, and building the capacity of intermediaries who deliver these programs.

Actions

Core actions Indicative actions for ASIC and relevant stakeholders
3.1 Foster good practice in programs and services providing targeted guidance and support, particularly to disadvantaged and/or vulnerable groups
  • Deliver national matched savings programs
  • Promote financial literacy education as part of no- or low-interest loans and other microfinance programs to meet the needs of those on low incomes
  • Deliver Commonwealth and state-funded financial counselling programs and services
  • Provide practical guidance and support for those in financial crisis; and disadvantaged and/or vulnerable groups, particularly Indigenous people and communities
  • Devleop and pilot innovative programs to foster financial self-reliance
  • Develop and promote a practical tool to help Australians struggling with debt
  • Promote sources of free, impartial guidance to those who are not in crisis

3.2 Improve targeted guidance and support to better meet the needs of Indigenous people and communities

  • Provide financial literacy initiatives that better meet the needs of Indigenous people living and working in remote and regional locations
  • Build sustainable relationships with local employers, government and Indigenous Land Councils
3.3 Build the capacity of intermediaries who deliver financial literacy programs to disadvantaged and/or vulnerable individuals, families and communities.
  • Develop and promote resources for intermediaries to use with their target audiences
  • Provide opportunities for intermediaries to come together and share effective strategies

Key indicators

  • Number of people assisted by national targeted guidance and support programs
  • Feedback from intermediaries about guidance and support provided
  • Outcomes of research studies and evaluations show changes in financial wellbeing

4. Strengthen coordination and effective partnerships

Collaborative action brings together relevant expertise, experience and insights and can expand the reach and impact of programs and resources.

Actions under this strategic priority focus on strengthening coordination between relevant government agencies, building strategic alliances across sectors through national networks and forums, and increasing opportunities to share information and expertise.

Actions

Core actions Indicative actions for ASIC and relevant stakeholders
4.1 Facilitate implementation of the 2014 Strategy action plan
  • Establish arrangements for overseeing and reporting on progress of the 2014 Strategy

4.2 Improve coordination between relevant government-funded programs and service providers

  • Foster linkages across relevant government-funded programs and service providers
4.3 Increase opportunities to build links and share good practice within and across sectors, nationally and internationally
  • Continue to enhance ASIC's national Financial Literacy Community of Practice network so that stakeholders can share presentations, information about programs and activities, and links to evaluations and good practice tools
  • Promote national initiatives to broaden awareness of financial literacy, grow the financial literacy community and recognise good practice
  • Conduct a biennial National Financial Literacy Conference
  • Foster strategic alliances and partnerships through relevant national networks, forums and workshops
  • Actively participate in relevant international forums

Key indicators

  • Enhanced cooperation and partnership between relevant government departments
  • Feedback from members of ASIC's national Financial Literacy Community of Practice network
  • Feedback from attendees at national forums and workshops

5. Improve research, measurement and evaluation

Together with ongoing research, encouraging good practice in evaluating financial literacy programs and resources helps deepen understanding of the factors influencing Australians' financial literacy.

Actions under this strategic priority focus on exploring ways of assessing changes in Australians' financial behaviour over time, and fostering good practice in the evaluation of financial literacy initiatives.

Actions

Core actions Indicative actions for ASIC and relevant stakeholders
5.1 Participate in relevant international research
  • Participate in the 2015 Financial Literacy assessment as part of the OECD's Programme for International Student Assessment (PISA)

5.2 Conduct national research to contribute to the understanding of Australians' financial literacy levels, and the influencing factors

  • Conduct the ANZ Survey of Adult Financial Literacy in Australia
  • Conduct NAB research Measuring Financial Exclusion in Australia
  • Explore ways to assess changes in Australians' financial behaviour over time
  • Collect information to monitor the progress of the 2014 Strategy
5.3 Increase access to tools and resources to support good practice in evaluation
  • Share OECD resources and templates to guide good practice in program evaluation
  • Contribute to and promote other international best practice materials
  • Conduct a National Financial Literacy Stocktake Survey to assess improvements in evaluation
5.4 Foster good practice by increasing access to experts in the field and sharing what works
  • Conduct capacity building workshops for financial literacy stakeholders, linked to the strategic priorities in the 2014 Strategy
5.5 Foster research on enhancing the effectiveness and impact of financial literacy programs
  • Foster collaboration by researchers to better understand the factors that contribute to successful program outcomes

Key indicators

  • ANZ Survey of Adult Financial Literacy in Australia
  • Number of financial literacy programs being evaluated
  • Feedback from financial literacy stakeholders on opportunities to share information and recognise good practice

 


Last updated: 24 Jan 2017