Strategy 2011

National Financial Literacy Strategy 2011

In March 2011 ASIC published the first National Financial Literacy Strategy, framed around four key focus areas, to promote a nationally coordinated approach to improving the financial wellbeing of Australians.

ASIC undertook an extensive consultation process during 2013 to review progress made under the 2011 Strategy, resulting in the release of an updated Strategy for 2014-17.

Background and focus

Four key focus areas

The 2011 Strategy established a national framework for collective action around four key focus areas:

  • Using educational pathways to build financial literacy for all Australians
  • Providing Australians with trusted and independent information, tools and ongoing support
  • Recognising the limits of education and information and developing additional innovative solutions to drive improved financial wellbeing and behavioural change
  • Working in partnership and promoting best practice.

Read the 2011 report, National Financial Literacy Strategy.

Financial literacy and behavioural change

As background to the 2011 Strategy, ASIC published a stocktake of learnings about financial literacy based on research about people's financial knowledge and behaviour, and the strategies and tools that might influence financial decision-making.

Read the 2011 report, Financial literacy and behavioural change.

Review and consultation process

In 2013 ASIC led a review of the 2011 Strategy, consulting broadly with financial literacy stakeholders to identify key issues and priorities to be considered in developing an updated Strategy for 2014-17. It also conducted a national stocktake survey to provide a snapshot of financial literacy initiatives around Australia.

National Financial Literacy Forum

ASIC kicked off the consultation process by hosting a one-day National Financial Literacy Forum in Sydney on 30 April 2013, which brought together 140 financial literacy stakeholders from the business, community, education and government sectors.

For outcomes of the forum, see Forum 2013.

Consultation paper and background report

On 30 April 2013, ASIC circulated a consultation paper to facilitate discussion and support the Strategy consultation process.

Read the 2013 report, Shaping a National Financial Literacy Strategy for 2014-16: Consultation paper.

ASIC also released a background report to update on progress made under the 2011 Strategy, share insights from the ANZ Survey of Adult Financial Literacy in Australia 2011 and other relevant research, and highlight examples of recent initiatives.

Read the 2013 report, Review of the National Financial Literacy Strategy: Background report.

Consultation feedback report

From April to August 2013, ASIC consulted with relevant stakeholders to explore the major issues and priorities to be considered in the 2014 Strategy.

This report summarises the 58 written submissions made by interested stakeholders, together with additional feedback gathered through face-to-face and phone consultations.

It includes discussion of:

  • Definitions and terminology
  • Related issues or priorities
  • Strategic priorities for 2014-17
  • Gaps and opportunities
  • Measures of progress

For lists of organisations and individuals who contributed views and ideas to the 2013 consultation process, see Appendices 1 and 2 of the report.

Read the 2013 report, Shaping a National Financial Literacy Strategy for 2014-17: Consultation feedback report.

For a list of organisations supporting the 2014 Strategy, see supporters.

National Financial Literacy Stocktake Survey

ASIC conducted a National Financial Literacy Stocktake Survey from May to August 2013, to provide a snapshot of financial literacy initiatives in Australia.

This report summarises the 112 initiatives submitted by 64 organisations in response to the survey. It includes information on:

  • Initiative type
  • When it was first implemented
  • Delivery locations
  • Topics covered
  • Delivery methods
  • Target audiences
  • Delivery partners
  • Whether it was independently evaluated
  • Whether it was offered in language other than English
  • Website link (if applicable)

Read the 2013 report, National Financial Literacy Stocktake Survey.

Note that while ASIC distributed the survey as broadly as possible, there may be individuals and organisations that did not complete it, so there are likely to be other initiatives delivered in Australia that are not included.

Informed by the 2013 consultation process, ASIC released an updated National Financial Literacy Strategy for 2014-17, see Strategy 2014.

Related links

Last updated: 12 Oct 2017