The Financial Planning Association (FPA), the peak body for Australia’s financial planners, has announced an initiative to improve the financial literacy of young Australians. It comes shortly after the FPA announced it would no longer involve itself in training its members.

CEO Kerrie Kelly gave details of a national scheme to build public awareness of the financial planning sector – but added the association itself won’t be coughing up the money to fund it. Instead, it’s looking to the industry to support the initiative.

“The FPA is acting as a focal point to equip financial planners to undertake such a campaign, to be financed by the financial services industry,” she said. “FPA members recognise they have an important role in raising public awareness and education on financial issues.”

Ms Kelly says FPA members have already volunteered their time to kick-start the campaign and a working party is expected to put a proposal to the FPA board later this year.

The association has also formed a partnership with national textbook provider McGraw-Hill over its CD-Rom “Dollarsmart”, a financial toolkit for teenagers.