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Financial literacy is a vital life skill that goes well beyond saving and borrowing. All Australians need to have the knowledge, skills and capability to understand how to manage their money, build their savings, make sound investment decisions, and manage their debts, now and into the future.
Financial literacy is one of the banking industry’s long-term priorities. We are committed to continuing to invest in financial literacy programs and activities to help all Australians take control of their money and finances.
The ABA’s Broadening Financial Understanding program was introduced in 2004 and aims to help Australians make confident and informed decisions regarding their money and finances.
The program is designed to work alongside the programs of our member banks. It consists of three key components:
Materials development: Develop materials and resources to promote banking concepts across the community and address areas of interest and need for target audiences.
Information dissemination: Enhance distribution and dissemination of materials in collaboration with partners.
Access and awareness: Increase access to financial literacy materials, programs and activities as well as raise awareness about financial literacy and financial capability for individuals, families and communities.
The ABA’s position on financial literacy supports the National Financial Literacy Strategy 2014-2017. It outlines the key actions Australia’s banks will pursue to help raise levels of financial literacy in Australia.
The ABA's Position on Financial Inclusion includes commitments to ensuring that more customers can access safe and affordable banking products and services. This includes people with a disability, older Australians and Indigenous Australians.
The banking industry believes that improvements in financial literacy depend upon the coordinated and sustained efforts of a number of stakeholders, including consumer and community groups, educators, government, the banking and financial services industry, and other businesses.
The ABA’s program seeks to leverage cross-sector partnership opportunities with these stakeholders, and in particular, consumer stakeholders with valued and trusted relationships within their communities.
The ABA will consult with key stakeholders throughout the development and implementation of our program, including groups with expertise on the financial challenges faced by youth, women, people with a disability, older people and Indigenous Australians.
A number of ABA member banks produce publications and tools, as well as offer education seminars and workshops, which customers can use to assist them in making financial decisions.
Click on the links of banks for more information on their financial education, financial literacy and financial inclusion activities:
The ABA acknowledges the importance of the Australian Government’s Financial Literacy Board and the National Financial Literacy Strategy 2014-2017. The banking industry endorses the five strategic priorities contained in the Strategy: educate the next generation, particularly through the formal education system; increase use of free, impartial information, tools and resources; provide quality targeted guidance and support; strengthen coordination and effective partnerships; and improve research, measurement and evaluation .
The ABA also supports the role played by the Australian Securities and Investments Commission (ASIC) and the importance of its MoneySmart website which provides useful information to help people make smart choices about money.
In May 2015 ASIC released a toolkit specifically to help Australian women manage their finances, make money decisions at key life stages and enhance their financial wellbeing.
If you have any questions about the ABA’s Broadening Financial Understanding program or want more information please call us on 02 8298 0417 or freecall 1800 009 180.