A new package of support materials and resources to help teachers deliver consumer and financial literacy education in schools has been praised by industry leaders.

The initiative, announced last week by Superannuation Minister Nick Sherry, results from the Government’s pledge at the 2020 Summit in April to focus on improving financial literacy among young Australians.

NIBA CEO Noel Pettersen said today the initiative deserves the industry’s support. “Anything that increases the community’s understanding of the complexities of financial services is very worthwhile,” he said.

ANZIIF CEO Joan Fitzpatrick says the financial literacy program will help financial services companies’ recruitment strategies.

“A better level of financial literacy in the community has the potential to address the poor image and reputation of the financial services sector and may also help attract more people to the insurance industry,” she told insuranceNEWS.com.au.

“The skills shortage in the financial services industry is cramping companies’ ability to grow and expand and turnover is at record levels.”