Parliamentary Secretary to the Treasurer Chris Pearce MP has launched a second survey of adult financial literacy commissioned by the ANZ Bank, as part of the Federal Government’s campaign to increase national financial literacy.

Both the National Insurance Brokers Association (NIBA) and the Insurance Council of Australia are involved in the campaign, with the NIBA material promoting the use of brokers when buying insurance, and demonstrating the financial benefits of this.

“The foundation’s long-term cultural campaign is encouraging people to find out more about things such as budgeting, saving, investing, debt management, super... and insurance,” NIBA CEO Noel Pettersen said.  

“Financial literacy is an issue of ongoing importance to the Australian community, particularly for young people. Insurance plays an integral role in that literacy, underpinning everything we do to protect our assets.”

The Australian Financial Literacy Foundation was launched in June, and is incorporating financial literacy programs in schools and workplaces. It has also set up a one-stop website to serve as a portal for financial literacy education and information, and the campaign will continue next year.

“Next year will be a landmark year for financial literacy in Australia,” Mr Pearce said. “The foundation will launch an information campaign to heighten consumer interest in the issue of financial literacy, especially in terms of how thinking about money in a ‘healthy’ way can improve people’s wellbeing.

“Whatever our income level, we all need the skills to manage our money,” he said. “It is important that all Australians: children, teenagers, young adults, older adults and retirees are better informed about their financial future.”