How Australia is Protecting its Lead as a Financial Literacy Pioneer
By Right About Money Staff Report
January 31, 2017
Australia ranks number one in its region and ninth in the world in financial literacy, according to the latest Standard & Poor’s Global Financial Literacy Survey. A relatively impressive two-thirds of that country’s adults have a basic understanding of financial concepts.
If you wonder how this country of vast rainforests, koalas and outback scores so well, look no further than its considerable line-up of financial education programs designed to instill financial understanding in individuals nationwide.
Australia has one of the world’s most informative and impartial government websites dedicated to personal finance—and it has just improved it. The MoneySmart financial guide is a model of clarity, brevity, and accessibility. It works much like similar sites in other countries, including Ask CFPB and MyMoney in the U.S., where financial literacy scores are modestly lower than in Australia.
The new Aussie version has more information on investing and is designed to help individuals identify financial goals and advice needs, and to choose and prepare to meet a financial adviser. Individuals can also use the new toolkit to create financial “to do” lists.
Few countries have acted more decisively on this front. In 2012, members of the government’s Financial Literacy Board founded Financial Literacy Australia with a mission to advance financial wellness throughout the country. This group encourages cooperation between the corporate, government, and education sectors to advance the national financial literacy strategy. Last year alone, this group supported eight financial literacy projects:
buy modafinil sun pharma uk The grants program Supports innovative financial literacy projects and allocated $1.4 million to various programs.