2013-05: Financial literacy and financial literacy programs in Australia (Working paper)

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Author(s)
Worthington, Andrew C.
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Akimov, Alexandr
Date
2013
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31 pages
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Abstract

Financial services markets require consumers to be more financially literate if they are to manage their finances effectively. In response to observed deficiencies in financial literacy, a large and increasing number of financial literacy programs have been implemented worldwide, not least in Australia. The purpose of this paper is twofold. First, review the existing evidence on the level of financial literacy in Australia, along with the posited determinants and potential impacts on consumers and the marketing of financial services. Second, survey programs currently in place aimed at increasing the level of financial literacy across the population as a whole and in specific groups set in place by government, industry, community, and workplace initiatives. The paper includes comments concerned with measuring, assessing and understanding financial literacy and the purpose, design and evaluation of financial literacy programs.

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Copyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).
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D89 - Information and Uncertainty: Other
I29 - Education: Other
Financial literacy
financial literacy programs
Australia
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