Australians who are financially capable make financial decisions and engage in behaviours that are in their own best interests and that help them achieve a financially secure future.
As Australia recovers from the COVID-19 pandemic, building Australians’ financial capability is a priority for the Australian Government. It will help consumers adapt to an evolving financial and digital landscape and contribute to improved individual prosperity and financial resilience.
Improved financial capability can empower individuals to take action to achieve their goals. Small positive changes in financial behaviours such as planning and budgeting, spending restraint, savings and credit habits can improve people’s financial wellbeing regardless of their income, age or background.
I am excited to release the 2022 National Financial Capability Strategy. This Strategy provides a framework for future Government actions to build Australia’s financial capability and measure our collective progress in priority areas.
Australia already performs well by global standards on financial capability as a whole, supported by existing programs across Government and an active financial capability community, but we are committed to making sure that more Australians have the financial capability to make decisions that suit their circumstances at important moments.
Under this Strategy, the Government will be undertaking targeted actions to build the financial capability of young Australians, women, people in or near retirement, and Aboriginal and Torres Strait Islander Peoples. The first target cohort is young Australians, starting with a national conversation encouraging parents and their children to discuss finances.
I look forward to further engagement from organisations and individuals with an interest in financial capability as we look to implement the Strategy over coming years. Organisations and individuals in the financial capability community play an essential role in delivering services that build the capability of individuals and gathering data and insights, and engagement with this sector will be an important part of the delivery of this Strategy.
Senator the Hon Jane Hume
Minister for Superannuation, Financial Services and the Digital Economy
Minister for Women’s Economic Security
National Financial Capability Strategy
- Why Australia needs a new Strategy
- What is financial capability?
- A snapshot
- Aims of the strategy
- Role for Government
- Working with the financial capability community
- Building the evidence base
- Attachment 1 – target cohorts
- Attachment 2 - financial capability and digitalisation