Improving consumer and financial literacy is a global concern,
with the Organisation
for Economic Co-operation and Development (OECD) encouraging
countries to invest in financial literacy education.
Poor financial literacy skills can lead to a lower standard of
living, lower productivity and greater reliance on government
services and support. People who lack financial understanding may
not be able to fully contribute to society, resulting in financial
and social exclusion. Those with low socio-economic status,
Indigenous and culturally and linguistically diverse communities,
the very young and over 70s are most at risk.
Many countries, including Australia, are conscious of the need
to increase their citizens' financial literacy. The Australian
Government is actively promoting education initiatives that aim to
improve consumer and financial literacy.
To help you understand the drivers and stakeholders behind
consumer and financial literacy, this section provides more
information about:Global push for
improved financial literacy
Last updated: 31 Jan 2012