Financial literacy strategy

Australia's National Financial Literacy Strategy

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 financial literacy.

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.

Why 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 wellbeing.

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 supporters.

The 2014 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 2014.

Action plan

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 evidence base

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 and evaluation.

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.

Stakeholders supporting the Strategy

Implementation of the Strategy is reliant on the collective efforts of many different stakeholders. To find out who they are, see supporters.

The 2011 Strategy

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. See Strategy 2011 for details.

The 2018 Strategy

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.


Related links

 


Last updated: 12 Oct 2017