05-369 ASIC Chairman welcomes financial literacy research
Friday 25 November 2005
Mr Jeffrey Lucy, Chairman of the Australian Securities and Investments Commission (ASIC) today welcomed the continued commitment of the private sector to help improve the financial literacy of Australians.
Mr Lucy said the launch of the 2005 ANZ Financial Literacy Research reports, at ASIC’s Melbourne offices today, was a significant event.
‘I particularly want to congratulate ANZ’s continued commitment to the issue of financial literacy. These reports, along with ANZ’s initiatives to improve literacy and foster responsible lending practices, are a clear example of corporate Australia making a real contribution to Australian society. The community expects its corporate citizens to demonstrate a strong sense of social responsibility and that is what we are seeing from ANZ today.’
‘In the light of this recent research on credit and over-commitment, I would also encourage other financial institutions, that have not already done so, to examine their own lending practices to ensure they are responsible.’
‘Today’s reports build on the 2002 benchmark study. They will again help ASIC to target its consumer education efforts to greater effect’, Mr Lucy said.
‘The surveys are important to our work because they help us to know whether we are on the right track and the areas that we need to focus on. Building on the many consumer protection and education initiatives we have underway, we will now begin working on the findings, and translating them into appropriate policies.’
‘While much of how we will respond is still in the planning stages, this year’s results are already influencing a broad range of our consumer education work’, Mr Lucy said.
The research, conducted earlier this year, involved a quantitative survey of 3,500 adult Australians into financial literacy as well as a qualitative survey of 160 people about debt and over-commitment.
‘In today’s world of increasingly complex financial decisions and products, ASIC is committed to educating Australians about financial issues and their rights and responsibilities’, Mr Lucy said.
Mr Lucy said ASIC’s focus over several years has been working with others, including State and Territory Consumer Affairs agencies and Education Departments and the Financial Literacy Foundation, to ensure that the teaching of financial literacy is embedded into school curricula throughout Australia.
‘Just two and a half years since the launch of the first ANZ financial literacy survey, and the release of ASIC’s own report on financial literacy and schools, financial literacy looks set to be incorporated into the National Statements of Learning, and a National Curriculum Framework for Consumer and Financial Literacy for years three, five, seven and nine has been developed. For the first time, curriculum developers and teachers will have nationally agreed multi-disciplinary benchmarks and guidance for financial literacy’, Mr Lucy said.
Further information regarding ASIC’s financial literacy work can be found on the ASIC consumer website, FIDO at www.fido.gov.au.
End of release
For a copy of the ANZ report go to ANZ's website
FIDO Website: Printed 09/07/2010
