The new Australian National Financial Literacy Strategy has been released, aimed at boosting the monetary understanding of everyday citizens.

Over the last 12 months, regulators have undertaken a comprehensive consultation process with over 200 stakeholders, to shape the new Strategy. 

Feedback and views were gathered from stakeholders, plus information from consumer and investor research, insights from behavioural economics and the experiences of other countries around the world.

“With almost every Australian owning one or more financial products, improved financial literacy can benefit anyone, regardless of age or income, in terms of having greater understanding of financial matters and the ability to meet financial goals for the future,” Parliamentary Secretary to the Treasurer Steven Ciobo says.

“Being able to make the most of your money, manage financial risks and avoid financial pitfalls can have a positive impact on the financial wellbeing of individuals, families and communities.”

ASIC Chairman Greg Medcraft said the regulator has a strategic priority to promote confident and informed consumers and investors in the financial system, whether they are taking out a home loan, planning for their retirement or investing in the market.

“Promoting greater financial literacy is key to ASIC's strategic priority,” Mr Medcraft said.

Under the Strategy, ASIC will continue to enhance its popular MoneySmart website for consumers and investors and reach more schools through its MoneySmart Teaching program, designed to promote and support financial literacy for schools.

The National Financial Literacy Strategy 2014–17 is accompanied by an Action Plan, which describes indicative actions for ASIC and other relevant stakeholders, under the five strategic priorities.