The Australian Securities and Investments Commission (ASIC) has launched a personal finance information service for consumers.

The MoneySmart.gov.au website will provide information, calculators and tools and cover topics from basic budgeting to superannuation and investing.

Assistant Treasurer Bill Shorten, who launched the site, says “simple, unbiased tools that increase the financial literacy of Australians” are important.

The website is a key plank of the National Financial Literacy Strategy being managed by ASIC. 

Its establishment follows research that shows about 50% of consumers are not confident they are getting the best deal when making important financial decisions and often do not know where to find the information they need.

Chief Financial Ombudsman Colin Neave says MoneySmart will provide consumers with constructive information about their budgeting options and who can help them manage debt.

He says the Financial Ombudsman Service (FOS) has recently seen a significant increase in people experiencing financial difficulty and is very supportive of the website’s approach.

“Our experience with complaints about financial problems confirms people need to meet different financial challenges at different stages,” he says.

Mr Neave says the “how to complain” section of the website has sample letters of complaint to help consumers understand the information they need to provide.