ASIC launches new MoneySmart website and National Financial Literacy Strategy
The Australian Securities and Investment Commission has launched a new personal finance website called MoneySmart to help people make good financial decisions by providing free, independent and unbiased information, tools and motivation.
MoneySmart.gov.au is a key part of the National Financial Literacy Strategy, which was also launched by ASIC.
MoneySmart.gov.au includes 26 calculators and tools, some for use on mobile phones, to help people take simple steps to get quick answers to their questions about money. MoneySmart covers not only the basics such as budgeting, saving, credit cards and loans, but also more complicated issues such as superannuation contributions, margin loans and income tax.
Launching the site, Assistant Treasurer Bill Shorten said the Government has a broad and comprehensive reform agenda to improve the financial services sector.
One strand of the Government's reform program is the Stronger Super package to make our superannuation system stronger and more efficient and help to maximise retirement income for Australians.
MoneySmart.gov.au has independent information, guidance and tools for all age groups about planning for retirement. The 'retirement planner' on MoneySmart.gov.au estimates what your income will be after you retire and what you can do now to boost it. It demonstrates how increasing employer contributions would give a big boost to people’s income in retirement,’ he said.
ASIC Chairman Tony D’Aloisio said, the MoneySmart.gov.au website and the underpinning strategy to improve the financial literacy of Australians is the result of a combined contribution and teamwork between the Financial Literacy Board, the Government, ASIC and industry and community groups.
The National Financial Literacy Strategy aims to create opportunities for Australians of all ages to learn about money and then apply these financial literacy skills to achieve better financial outcomes. It focuses on four interrelated areas of work:
- Delivering quality financial literacy education to all Australians through schools, workplaces, higher education institutions and in the community;
- Providing all Australians with access to the information and tools they need to make good financial choices;
- Going beyond education to guidance and other strategies to enhance the financial well being of Australians, including developing a new consumer website; and
- Developing partnerships between the various sectors involved in financial literacy work, and better means of measuring the impact of what we do.
The National Financial Literacy Strategy can be accessed at http://www.financialliteracy.gov.au/