|
Financial literacy – lessons learned
Australian Bankers’ Association’s conference
Sydney, 2 June 2010: At the Australian Bankers’ Association’s (ABA) fourth conference on financial literacy, delegates will today hear about lessons learned from programs which work on improving access to money management programs and lifting levels of financial literacy in Australia.
Steven Münchenberg, Chief Executive of the ABA, said: “Banks are seeking more effective ways to help Australians better understand money management. An informed and educated consumer is more likely to make better choices about financial products and services, to participate in the banking and financial sector with more confidence, and to make more informed financial and consumer decisions.”
“Banks now have innovative financial literacy programs and activities underway which deliver real value to communities. But banks are always looking to improve the development and delivery of their programs and activities, and to study best practice approaches from Australia and overseas.”
“It’s also a useful time for banks to come together with international experts, government representatives, financial counsellors, community groups, educators, academics, representatives of workers, and representatives of other financial institutions, to discuss the lessons learned from the global financial crisis.”
Questions to be discussed include: how did banks and other financial institutions react, how did the community react, and how did the crisis affect the money management and investment decisions of individuals?
Delivering presentations to the conference will be two influential thinkers in behavioural economics and savings and financial literary initiatives from the United States.
The speakers are:
1) Matthew Rabin, Professor of Economics, University of California, Berkeley, will speak about behavioural economics – how human biases and decision-making processes influence the decisions that we reach; and
2) Timothy Flacke, Executive Director, D2D Fund (Doorways to Dreams), will speak about financial literacy and saving – understanding the mind of the saver. D2D Fund aims to expand access to financial products and services, especially asset building opportunities, for low-income families by creating, testing and deploying financial products and services.
Other speakers and presenters at the conference include:
- Barbara Chapman, Group Executive, Commonwealth Bank of Australia, who will speak on partnerships in financial literacy;
- Dr Richard Tooth, Consulting Principal LECG, who will speak on behavioural economics and what this might mean for financial literacy; and
- Paul Clitheroe, Chairman of the Australian Government Financial Literacy Board, who will talk about the financial crisis and the literacy crisis.
Mr Münchenberg said: “We hope this financial literacy conference will build on and improve our efforts. Banks can’t do it alone, we have to work in partnership. We hope this conference provides us with the opportunity to take stock, identify strengths, to learn from lessons, and to improve our financial literacy efforts.”
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.
- Today’s conference is the fourth conference which the ABA has held on financial literacy – the first, March 2004; the second, June 2006, the third, July 2008.
- The ABA’s Financial Literacy Information Centre can be found on the ABA website: www.bankers.asn.au/financialliteracy
- If you would like a hard copy of the financial literacy booklets please call 1800 009 180 and we will post you copies.
For further information:
Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS |
|