Sydney, 28 April, 2006: The Australian Bankers’ Association (ABA) and Good Shepherd Youth and Family Service have today launched a new free financial literacy publication ‘Smarter Money: Take control and stay on top of your finances’.

The booklet has been prepared with input from Good Shepherd and in consultation with the ABA’s Community and Consumer Consultative Forum¹, which comprises representatives from across consumer, community, welfare and small business groups. 

Through research on financial literacy, the ABA understands that there is a large number of Australians who struggle with basic financial skills or access to good information. This publication is about providing consumers with some helpful tools and tips to develop good money habits for now and for the long-term.

The publication features:

• A budget planner to calculate your expenses and savings;
• A savings planner to help you identify and reach your financial goals;
• Tips on how to cut expenses and save more money;
• Tips on how to make the most of your savings, such as considering investments;
• Tips on how to use debt and effectively manage your finances;
• Recognising the warning signs of when you are in financial difficulty and how to get in touch with an independent financial counsellor.

David Bell, Chief Executive of the ABA, said: “Everyone has goals about what they can achieve with their income – whether you are just leaving home, having your first child, planning an overseas trip or looking forward to retirement or living on a pension.”

“By budgeting and saving, you can achieve a sense of security and peace of mind that you are on track with your financial goals. Budgeting can also assist people that may be finding it difficult to manage all their expenses or can assist in weeding out some unhelpful attitudes toward money by prioritising which expenses are more important than others.”

“The vast majority of Australians manage credit well, but sometimes we may find ourselves in a situation where we can’t make ends meet because you or your partner has become unemployed, your relationship has broken down or you’re ill. If you’re having trouble paying a debt, the most important step is to contact your credit provider. By contacting them sooner, rather than later, they will be in a better position to work out a solution with you and an independent financial counsellor.”

Marilyn Webster, of Good Shepherd Youth and Family Service, said: “Managing our money is important for all of us but not everyone has access to good information. At Good Shepherd we are constantly amazed at the financial competencies of people living on even very low incomes. Our contribution to ‘Smarter Money’ is based on our experiences of providing financial literacy information for people on low incomes. ‘Smarter Money’ offers practical tools and tips that are relevant to everyone. We are delighted to have partnered with the ABA in producing this booklet and we are extremely pleased that the ABA has extended its financial literacy series to take in universal financial competencies relevant across all income levels and all walks of life. We are sure this booklet will be widely used.”

The publication is available online at the ABA’s website: www.bankers.asn.au. To obtain a free printed copy of the booklet please call: 1800 633 855 (freecall) and the ABA will send you a copy in the mail. Good Shepherd Youth and Family Service located in Collingwood, Victoria, also have the booklet in hard copy.

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.

For many years, Australian banks have recognised the importance of financial literacy and have put in place their own programs and initiatives. The ABA’s program is designed to work along side and complement the programs of its member banks.

Notes for editors

• This booklet has been prepared in consultation with the ABA’s Community and Consumer Consultative Forum. The current Forum membership contains representatives from the Banking and Financial Services Ombudsman, COTA National Seniors Partnership, Care Inc Financial Counselling Service (ACT), Australian Consumers’ Association, Mission Australia, Consumer Credit Legal Service (Victoria), Consumer Credit Legal Centre (NSW), Reconciliation Australia, Council of Small Business Organisations Australia, Victorian Council of Social Services, Australian Chamber of Commerce and Industry and the Australian Bankers’ Association.
• This publication is part of the series of financial literacy publications which have been produced by the ABA including – ‘Smarter Banking – Make the most of your money’; ‘Smarter Banking – Make credit work for you’, ‘Smarter Super – Make the most of retirement’. All of these publications and other fact sheets on, for example - fraud prevention, can be found on the ABA website – www.bankers.asn.au or a hard copy can be ordered by calling: 1800 633 855 (free call).