The Financial Planning Association of Australia The Financial Planning Association of Australia

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.