About the Financial Literacy Foundation
On 1 July 2008 the functions of the Financial Literacy Foundation were transferred to ASIC, including the Understanding Money website.
The transfer of the Foundation to ASIC consolidates the Australian Government's financial literacy response under ASIC and strengthens ASIC's role in safeguarding Australia's economic reputation and wellbeing.
The Foundation was established by the Australian Government in June 2005 to
- give all Australians the opportunity to increase their financial knowledge and better manage their money
- provide a national focus for financial literacy issues and work in partnership with government, industry and community organisations to advance financial literacy in Australia
- build the capacity of all Australians to better understand and manage financial risk and take advantage of increased competition and choice in Australia's finance sector
- raising awareness of financial literacy and its benefits
- creating opportunities for Australians of all ages to learn more about money - at school, through vocational and higher education, in the workplace and in the community
- providing practical support to educators and trainers and working to improve the availability of quality financial literacy education resources, and
- taking forward research projects which reflect our national focus and make a sustained contribution to advancing financial literacy in Australia.
- fostering the development of financial literacy networks to bring together those with an interest in advancing financial literacy. (NB the Foundation did not fund or deliver financial literacy programs.)
Raising awareness | Working with schools | Research |
The Understanding Money media campaign ran between July and December 2006 to raise awareness of financial literacy and its benefits, and encourage people to find out more about how to make the most of their money. | The Foundation is working with all State and Territory education authorities to have financial literacy included in the curriculum for Years K-10 from 2008. Through the Education and Training site we provide access to quality education support materials. | The Foundation has conducted research into financial literacy issues, including a survey of Australians' attitudes towards money, to inform the work of the Foundation and others who are working to achieve positive change in the way people think about and manage their money. |
Understanding Money website | Education in workplaces | Financial literacy resources |
The Understanding Money website offers a wide range of financial literacy information for people who want to find out more about managing their money. It has tools such as a budget planner and financial health check as well as practical and simple to use calculators, information on money related issues and links to other useful websites. | The Foundation worked with employers and the vocational and technical education sector to increase access to financial literacy education in workplaces. | The Foundation has developed Financial Literacy Resources Australia, a web-based database of financial literacy programs and resources. The database brings together a comprehensive listing of financial literacy programs and resources, and is available to those who develop and deliver financial literacy programs and resources and those with an interest in advancing financial literacy. |
Our partners
Partnerships with government, industry and community sector organisations are central to meeting financial literacy goals. To find out about the partners that contributed to the Understanding Money campaign resources go to Understanding Money Resource Partners.
Understanding Money Update
The Understanding Money Update is an electronic newsletter which the Foundation put out from time to time. The Update provides information on awareness-raising, education and training, and research - and to encourage partnerships with industry, community and government organisations to advance financial literacy in Australia.
The April 2008 issue PDF(2.1MB) is available.
If you would like to receive future editions of the Update, please contact us.
Research Report
The Financial literacy: Australians understanding money report discusses the findings of the Foundation's survey of Australians' attitudes to money - how confident we are and how we behave when it comes to managing our money.
The report can be downloaded here.
Educators and Trainers Network
The Foundation has established the Educators and Trainers Network to assist educators, human resource professionals and resource developers to provide quality financial literacy education and training.
Members receive updates on financial literacy initiatives and information on member events. Members can also comment on financial literacy resources, events and their support needs.
Read more about the Educators and Trainers Network.
The Australian Government Financial Literacy Board
The Australian Government Financial Literacy Board provides independent and strategic guidance on financial literacy issues.
The Board meets quarterly. The meetings provide an opportunity to discuss financial literacy initiatives with local business, education and community representatives.
Members of the Australian Government Financial Literacy Board