Submission on National Financial Literacy Strategy 2017

Financial Rights put in a short submission supporting:

• the phrase financial capability as it connotes a more empowered, active consumer with the ability to implement learned skills and knowledge
• including three new core behaviours: managing money day-to-day; planning for the future; and making informed decisions

We also recommended that two new cohorts be added to the list of “priority audiences”

1. Recipients of lump sum compensation or redress payments, and
2. Australians who are receiving social security payments

Finally, Financial Rights supported the inclusion of “social isolation” as a key challenge for the 2018 National Strategy. We however believe that particular focus needs to be placed on the growth of “digital isolation” as a problem in and of itself, brought on by a mix of digital ubiquity, the rise of FinTechs and the retreat of individual consumers into private, hidden, digital spaces.