Paul Clitheroe Chairman, Financial Literacy Foundation Advisory Board

www.understandingmoney.gov.au

• Increased choice in the financial services market• Increased profile of financial literacy as an

important life skill• Regulation – an important part of consumer

protection but only part of the solution• Financial literacy – better informed and more

confident consumers making the most of the available choices.

Introductory remarks

What the Financial Literacy Foundation is about

• Giving all Australians the opportunity to better manage their money

• Increase knowledge and understanding to:– understand and manage financial risk – deal effectively with market complexity– take advantage of increased competition and

choice in Australia’s finance sector

• Part of the Treasury

• Advisory Board provides independent, strategic guidance

How the Foundation works

• Providing a national focus– Elevating the debate about financial literacy– Making sure people are talking about money at

home, in schools, unis, workplaces etc

• Working in partnership eg. Master Builders Association

• Matchmaking – bringing together those with common commitment and complementary needs and skills

• Financial literacy education in schools

• Support for teachers and trainers – professional development and via the website

• Understanding Money campaign

• Financial literacy education in workplaces

• Support for small business

• Financial literacy education in universities

Key achievements and future directions

Understanding Money campaign, website and handbook

• Delivered in 2006

• Raising consumer awareness of financial literacy and its benefits, and encouraging consumers to engage with financial literacy information and resources

• Website and handbook – popular resources

Understanding Money website

• Information for consumers

• Understanding Money Update for stakeholders

• Quality resources for educators, trainers and human resource professionals

• Support for workplace financial literacy education

Contact information

Financial Literacy FoundationThe TreasuryLangton CresPARKES ACT 2600

Email: financial.literacy@treasury.gov.au

Phone: 02 6263 2111