Building financial capability in Australia

Recently we hosted our first Financial Capability Focus Group in AFSA’s Adelaide office! We’d like to say a huge thank-you to the passionate and experienced financial counsellors who came along to talk about how we can work together to help build financial capability in Australia.

AFSA is proud to be listed as a partner of the Australian Government’s National Financial Capability Strategy, working alongside other organisations who deliver financial capability and wellbeing initiatives, including Financial Counselling Australia.

The focus group was our first step towards understanding how AFSA can help Australians build skills in managing their money and debts. The discussion focused on how we can improve and expand the information on AFSA’s website to provide further support to people in financial difficulty.

Key topics discussed included:

  • Supporting Australians before they go down the path of a formal insolvency option – a new section on the AFSA website could include information about managing money (e.g. budgeting tips), important things to know before getting credit (e.g. understanding payday loans, Afterpay, No Interest Loan Schemes), and better connecting people to other useful resources and websites (e.g. ASIC MoneySmart).
  • Providing simpler, clearer information to help clients make informed financial decisions – improving our website content to make it easier for clients to understand the formal insolvency options, such as providing an interactive tool for calculating expected income contributions and case studies explaining the impacts of bankruptcy.
  • Better connecting clients to financial counsellors – expanding existing website content to provide more information about what a financial counsellor is, and what services they can and can’t offer.

We look forward to continuing to work with financial counsellors and others in the industry to ensure people in financial hardship can get the support they need.

Sign up to our AFSAsandpit research group to hear about future opportunities for collaboration!