Ecstra welcomes Parliamentary Friends of Financial Capability as momentum builds for national action
Momentum is building for stronger national action on financial capability, with parliamentarians and sector leaders joining a roundtable at Parliament House today to discuss shared priorities, practical approaches and how to work together more effectively to improve the financial wellbeing of all Australians.
At the same time, Ecstra Foundation has also welcomed the launch of the Parliamentary Friends of Financial Capability, describing the new non-partisan group as an important opportunity to build financial capability and wellbeing as a national priority.
Ecstra is sponsoring the launch event of the group, building on its longstanding work in this area, alongside Vanguard and Financial Basics Foundation.
Congratulating Senator Richard Dowling and Senator Jess Collins, Co-chairs of the Parliamentary Friends of Financial Capability, Ecstra CEO Caroline Stewart said the group brings together the many perspectives needed to progress an integrated approach.
“Money matters at every life stage and providing young people with practical financial education and confidence is essential,” Stewart says.
“But financial wellbeing is also shaped by the systems people rely on. We need fair systems, trusted information, strong consumer protections and accessible support to make informed decisions in an increasingly complex financial environment.
“This is where the Parliamentary Friends group will have an essential role, providing a valuable forum for parliamentarians, regulators, educators, researchers, community organisations and industry to work together to increase awareness of the role financial capability plays in everyday decision making for Australians.
“We congratulate Senator Dowling and Senator Collins on their leadership and commitment to ensuring financial wellbeing is on the Federal agenda.”
Ecstra’s work in financial capability includes the national Talk Money financial education program in schools, the annual National Financial Wellbeing Summit, the recently launched flagship report Australia’s Financial Wellbeing: An Integrated Approach, and a Call to Action supported by more than 40 organisations.
“People face important financial decisions throughout life from school to further study, entering the workforce, renting or buying a home, starting a family, dealing with financial hardship, building superannuation and preparing for retirement.
“Improving financial literacy is essential and that is why Ecstra and many organisations across the sector have called for a new National Financial Capability Strategy, with clear priorities and a long-term focus on improving outcomes.”
Ecstra recently commissioned research examining financial wellbeing as a broader systems issue, including Australia’s Financial Wellbeing: An Integrated Approach, which highlights the importance of connecting individual capability with supportive systems, services and environments.
“Our research makes it clear that Australia has the expertise, frameworks and commitment across sectors to make meaningful progress,” Stewart said.
“Australia was once recognised internationally as a leader in financial literacy. We have an opportunity through the Friendship group to promote the opportunity for Australia to lead again by bringing together effective education, strong consumer protections, good policy, evidence and collaboration.”
Senator Dowling said improving financial capability was an issue he was committed to advancing through the Parliament.
“Australia has built one of the world’s most sophisticated financial systems. We should aim to build the world’s most financially capable population to match it.”
“Financial capability is about giving Australians more confidence, more choice and more control over their financial future.”
“I dedicated much of my first speech in Parliament to financial literacy. A year later, more than 100 organisations and experts are coming together around this cause. That is real momentum.”
“No one organisation can do this alone. This group brings the right people together to share what works and build a more financially capable Australia.”
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About Ecstra Foundation
Ecstra Foundation is committed to a future where people can achieve their best financial wellbeing. Ecstra invests in partnerships, programs and people to provide effective financial education at key life stages and to improve community financial capability and wellbeing.
Its flagship financial literacy program, Talk Money with Ecstra Foundation, ensures more Australian students have access to effective money lessons and guidance when they need it. Talk Money is the largest school-based face-to-face financial education program offered in Australia.
For more information please contact:
Jo Morgan
Head of Marketing & Communications
Ecstra Foundation
M 0437 045 086
Claudia Pritchitt
PritchittBland Communications
M 0438 221 550
