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Paul Clitheroe Chairman, Financial Literacy Foundation Advisory Board

Paul Clitheroe Chairman, Financial Literacy Foundation Advisory Board. www.understandingmoney.gov.au. Introductory remarks. Increased choice in the financial services market Increased profile of financial literacy as an important life skill

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Paul Clitheroe Chairman, Financial Literacy Foundation Advisory Board

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  1. Paul Clitheroe Chairman, Financial Literacy Foundation Advisory Board www.understandingmoney.gov.au

  2. Introductory remarks • Increased choice in the financial services market • Increased profile of financial literacy as an important life skill • Regulation – an important part of consumer protection but only part of the solution • Financial literacy – better informed and more confident consumers making the most of the available choices.

  3. What the Financial Literacy Foundation is about • Giving all Australians the opportunity to better manage their money • Increase knowledge and understanding to: • understand and manage financial risk • deal effectively with market complexity • take advantage of increased competition and choice in Australia’s finance sector • Part of the Treasury • Advisory Board provides independent, strategic guidance

  4. How the Foundation works • Providing a national focus • Elevating the debate about financial literacy • Making sure people are talking about money at home, in schools, unis, workplaces etc • Working in partnership eg. Master Builders Association • Matchmaking – bringing together those with common commitment and complementary needs and skills

  5. Key achievements and future directions • Financial literacy education in schools • Support for teachers and trainers • professional development and via the website • Understanding Money campaign • Financial literacy education in workplaces • Support for small business • Financial literacy education in universities

  6. Understanding Money campaign, website and handbook • Delivered in 2006 • Raising consumer awareness of financial literacy and its benefits, and encouraging consumers to engage with financial literacy information and resources • Website and handbook – popular resources

  7. Understanding Money website • Information for consumers • Understanding MoneyUpdate for stakeholders • Quality resources for educators, trainers and human resource professionals • Support for workplace financial literacy education

  8. Contact information Financial Literacy FoundationThe TreasuryLangton CresPARKES ACT 2600 Email: financial.literacy@treasury.gov.au Phone: 02 6263 2111

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