Financial literacy strategy
Australia's National Financial Literacy
The National Financial Literacy Strategy 2014-17 is led by the
Australian Securities and Investments Commission (ASIC). It aims to
improve the financial wellbeing of Australians by advancing their
Bringing about a significant change in Australians' financial
literacy levels is a long-term journey that requires a
multi-faceted and nationally co-ordinated approach, with sustained
action by multiple stakeholders.
financial literacy is important
What is financial literacy?
Financial literacy is a combination of financial knowledge,
skills, attitudes and behaviours necessary to make sound financial
decisions, based on personal circumstances, to improve financial
Why is it important?
In today's fast-paced consumer society, financial literacy is an
essential everyday life skill. It means being able to understand
and negotiate the financial landscape, manage money and financial
risks effectively and avoid financial pitfalls.
Improving financial literacy can benefit anyone, regardless of
age, income or background. It helps people make informed choices,
day-to-day and throughout their lives.
Video: Improving Australians' Financial Capabilities
Annual highlights summary video
A summary of ASIC's work under the National Financial Literacy
Strategy in 2015/16.
The video showcases the collective impact of financial
literacy initiatives delivered by ASIC and National Strategy
The National Financial Literacy Strategy 2014-17 sets out a
national direction for financial literacy. It provides a practical
framework to guide the action of stakeholders from the government,
business, community and education sectors with an interest in
improving the financial literacy of Australians.
To find out more about financial literacy in action in
Australia, including core principles, strategic focus and reporting
on progress of financial literacy initiatives, see Strategy
The Action plan describes indicative actions for
all stakeholders, including ASIC, under the strategic priorities
identified in the Strategy. See financial literacy action
plan for details.
Good practice and
Research and evaluation
The Strategy is informed by the substantial financial literacy
research and knowledge base built up over the past decade, both
nationally and internationally. To find out more, see research
Good practice guidelines
Australia's approach is also aligned with the international good practice guidelines
developed by the OECD's International Network on Financial
Education. These guidelines are designed to assist countries
implementing national strategies.
supporting the Strategy
Implementation of the Strategy is reliant on the collective
efforts of many different stakeholders. To find out who they are,
The 2014 Strategy builds on the foundation of Australia's first
national financial literacy strategy, published by ASIC in 2011. In
2013, ASIC led a comprehensive stakeholder engagement, review and
consultation process to inform development of an updated Strategy.
2011 for details.
In 2017 ASIC is leading a consultation process, to refine and
update the Strategy for 2018. This includes ongoing dialogue with
stakeholders, and release of a consultation paper to seek input to
inform the Strategy update. See Strategy 2018 for details.
Our understanding of the factors that come into
play when making financial decisions continues to evolve and
expand. The Strategy provides a flexible framework for continued
action by all stakeholders working to improve the financial
literacy of Australians.
Last updated: 12 Oct 2017