The Finance Brokers Association of Australia (FBAA) says for all Australians to achieve a higher level of financial literacy, attention must be paid to those groups currently being neglected.
FBAA chief executive officer Peter White attended the National Financial Literacy Stakeholder Forum last month and heard addresses by keynote speakers from ASIC as well as finance ‘guru’ Paul Clitheroe.
“There were a lot of interesting topics canvassed, but one that resonated was the need to embrace and better educate women when it came to financial affairs.”
Mr White commented that 70 per cent of women manage the household budget and while spouses may disagree, it is women who ultimately have the final say on financial affairs.
“Of course, women live longer than men and should be equipped to make informed and suitable decisions about their financial future particularly when circumstances change.”
The Forum also heard about the need for brokers to adapt to the ever-changing online world of financial literacy, now playing a crucial role in educating not just brokers but also borrowers.
“The days of brokers just getting a customer a loan are now gone. There is a whole lot of add-on and follow up service required which will translate in to a healthier and risk mitigating experience for brokers and borrowers.
“Just like in life, ongoing education is the key and now everyone has access to online resources and digital apps like the FBAA’s own Smart App, to make the learning process intuitive and engaging.”
Mr White says these new programs engage borrowers and brokers interactively but more importantly, are a means to measurably prove an understanding of the basics of borrowing and lending.
“All of this though is worthless if you do not plan ahead and we must be looking at least five years into the future for this to become reality.”
Media Contacts: Ben Dobson – 0434 791 084