Banks lend support to financial literacy week

Running throughout the week to September 7, the initiative is a national campaign promoting the importance of financial literacy.

“Financial literacy is a vital life skill that empowers individuals to make informed financial decisions,” ABA chief executive Steven Münchenberg said.

“Building financial literacy helps promote, support and achieve financial well-being.

“All Australians need to have the knowledge, skills, capabilities and capacities to understand how to manage their money, build their savings, make sound investment decisions, and manage their debts, now and into the future,” he said.

“We encourage all Australians to get involved in MoneySmart Week 2014 and take immediate action to improve their financial well-being.”

As part of the initiative, a ‘Money Health Check’ on ASIC’s MoneySmart website is an online tool to assist users to get a comprehensive picture of their finances.

“During MoneySmart Week 2014, the ABA will be publishing a series of new consumer fact sheets which pick up on the daily theme set by the 'MoneySmart Challenges',” Mr Münchenberg said.

“These new consumer fact sheets provide targeted information to assist consumers deal with debt, understand superannuation, make a budget, understand insurance, increase their savings, and plan for the future,” he said.