Media personality and financial guru Paul Clitheroe will head up a top-level 15-member taskforce panel established by the Federal Government to combat poor “financial literacy”.

Assistant Treasurer Helen Coonan says the taskforce will include representatives from the industry, regulators and welfare groups.

“The Australian Government is committed to helping Australians save for their future and recognises that low levels of financial literacy act as a barrier to consumer awareness and informed participation in the financial system,” she said. “The taskforce’s aim is to streamline, augment and add to existing consumer and financial literacy information and… increase their capacity to budget, save, invest and understand risk.”

The industry is all in favour of the new body. Richard Gilbert, CEO of the Investment and Financial Services Association, says it comes at a time when many Australians increasingly want to take control of their savings yet can be confused by the complexity of the sector.

“An introduction to the basics, as part of the overall school education curriculum, will help de-mystify the language and processes of saving and wealth management and lead to more informed and effective financial decision-making,” he said.

“The teaching of personal finance in schools has been a success in the UK, where 150,000 secondary school children have received personal finance education.”

Members of the taskforce include: Australian Securities and Investments Commission Commissioner Berna Collier, new Australian Consumers' Association CEO Peter Kell, AMP Australian Financial Services MD Craig Dunn, IAG CEO Michael Hawker, Financial Planning Association CEO Kerrie Kelly, The Smith Family CEO Elaine Henry, Finance First Co-ordinator Rosanne Hunt, National Seniors Partnership CEO David Deans, Ridley Corporation Chairman John Keniry, Australian National Training Authority Director Andre Lewis, ANZ Banking Group CEO John McFarlane, Australian Business Week Chairman and Founder Norman Owens, National Indigenous Consumer Strategy Co-ordinator Christine Ross, and Queensland Department of Education and the Arts Director-General Ken Smith.