FPA highlights the importance of financial capability on World Financial Planning Day
The Financial Planning Association of Australia (FPA) will focus on financial literacy as part of global efforts to raise consumer awareness and understanding of financial planning for World Financial Planning Day on Wednesday, 4 October.
Australia ranks ninth in the world in terms of financial literacy, with almost two-thirds of adults understanding basic financial concepts, according to Standard & Poor’s Rating Services Global Financial Literacy Survey.
However, according to results from a recent OECD Program for International Student Assessment (PISA) financial literacy assessment, standards are falling. It revealed that around a fifth of 15-year-olds in Australia do not have basic financial literacy, highlighting the need for more education in this area.
“Financial literacy is an everyday life skill that allows people to better understand their finances and to appropriately manage their financial outlook,” said Dante De Gori CFP® , CEO of the FPA. “It enables us to make sound financial decisions, based on personal circumstances, to improve our financial wellbeing.
“That is why it’s important for financial literacy to be taught in our schools at an early age. To help address this issue, the FPA has recently launched a partnership with Banqer, an online interactive learning tool designed to assist teaching financial literacy and help boost motivation in primary school classrooms. The program’s aim is to give children a foundation in the skills they’ll need to make the right financial decisions later in life.”
The Money & Life website is another initiative the FPA has taken to improve Australian’s financial literacy. The site offers regular content that empowers and educates Australians with up-to-date information, practical tips and inspiring real life stories to help them manage their finances.
“At the FPA we are committed to ensuring that consumers have access to the best financial advice. We see financial literacy as key to this process, allowing consumers to confidently make decisions in terms of finding the right financial planner and acting on their advice,” said Mr De Gori.
The FPA will be supporting World Financial Planning Day by publishing new articles on Money & Life, sharing insights from its recent Live the Dream 2017 research report and joining in on the global social media conversation.
For details about World Financial Planning Day activities, please visit the World Financial Planning Day website.