The Government has launched the National Financial Capability Strategy, which aims to improve Australians’ understanding of money matters and help them make informed decisions.

The strategy was devised following a consultation and replaces the National Financial Literacy Strategy.

Education and availability of trusted information form the core of the new program.

“The strategy guides action across the government, business, community, education and research sectors to support enhanced financial capabilities in individuals, families and communities,” said Kelly O’Dwyer, who was at that time Revenue and Financial Services Minister in the Turnbull Government.

Two in three Australians do not know the value of their superannuation and have no idea what investment diversification means, according to a national tracker of financial knowledge.