Sydney, 27 July, 2006: The Australian Bankers’ Association (ABA) welcomes the Federal Government’s national media campaign on financial literacy.

The advertising campaign ‘Understanding Money’, accompanying website and handbook was today launched in Canberra by the Minister for Revenue and Assistant Treasurer, Peter Dutton, and Chairman of the Financial Literacy Foundation, Paul Clitheroe.

The ABA is a partner in the ‘Understanding Money’ campaign, participating by providing information on consumer banking issues for inclusion on the website and in the handbook.

David Bell, Chief Executive of the ABA, said: “The ABA is pleased to be a partner with the Financial Literacy Foundation. The banking industry hopes that this media campaign will raise community awareness about the importance of financial literacy and how thinking about money in a positive way can improve people’s well being.”

“To become literate in financial matters is an essential life skill, holding an integral place among our needs such as learning how to read or write, or even drive a car. Whether people have a little or a lot of money, there are some basic practices that can help people take control and stay on top of their finances.”

“As a community, we aim to produce a society populated with people who know how to look out for their own best interests. For banks, helping people take care of what they earn is a good place to start.”

Mr Bell said the ABA and its member banks are committed to the national goal of improving Australians’ financial literacy because this is one of the biggest areas where banks can make a difference in the broader Australian community.

“Broadening the financial understanding of Australians is part of the wider sustainability agenda – which is determined not just by the banks, nor by the Government and community alone. It is determined by all of us, working together in partnership.

“Australians should have the competence and confidence to manage their finances, so that they can make financial and consumer decisions that are good for them now, but also in the future.” 
 
Banks who are members of the ABA have financial literacy activities aimed at increasing the money management skills of children, teenagers, adults and those who are most vulnerable in our community.

The initiatives range from conducting research to gain a better understanding of financial literacy levels through to programs that help young people gain money management skills, to school grants specifically aimed at developing literacy, numeracy and financial literacy skills, as well as micro-finance programs for small enterprise development.
 
The ABA has published booklets on topics such as managing credit and budgeting, fact sheets and a section on its website devoted to financial literacy. These resources can be found on the ABA's website in a special section called the Financial Literacy Info Centre.

Background for journalists:

• The ABA and its member banks are committed to the national goal of improving Australians’ financial literacy. Through the ABA’s program, ‘Broadening Financial Understanding’, we aim to help Australians make informed and confident decisions regarding the use and management of their money at all stages of their lives. This program builds on initiatives undertaken by individual member banks.  
• The ABA has held two symposiums on financial literacy – the first in March 2004 and the second in June 2006.
• The ABA has created a section on it website where financial literacy information and tools are published. Click here for the Financial Literacy Info Centre
• Banks participate in the Federal Government’s Financial Literacy initiatives and have contributed to the policy debate.

For further information:

Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439

ENDS