Home' Policy Magazine : Policy Vol 34 - No 1 Contents ROSS GUEST AND MARK BRIMBLE
POLICY • Vol. 34 No. 1 • Autumn 2018
and neither provides the sort of sharp incentives
and regulations that will really make a difference in
improving financial literacy and capability.
Yet it’s never been more important to tackle
financial literacy, especially given other looming
issues such as the impact of an ageing population,
increasing longevity (savings must last longer)
and deterioration in the ratio of retirees to
workers. While the retirement savings system
approached $2.5 trillion in accumulated assets in
it is expected that many individuals
will have insufficient retirement savings to support
themselves in retirement.
Thus, the fiscal impact
of a lack of financial independence among more
older Australians will compound the downside
risk posed by a lack of financial literacy among the
younger generation, whose taxes will have to pay for
the rising costs of an ageing population.
1 Reserve Bank of Australia (RBA), Financial Stability Review
(October 2017), https://www.rba.gov.au/publications/
2 Australian Bureau of Statistics (ABS), Residential Property
Price indexes: Eight Capital Cities, Sep 2017, Cat No 6416.0,
3 ‘CoreLogic RP Data, Daily Home Value Index: Monthly
Values - 31 January 2018’, https://www.corelogic.com.au/
4 ABS, Household Income and Wealth, Australia 2015-16,
Cat No 6523.0 (Canberra: ABS, 13 September 2017),
5 David Chau, ‘Australian Property “Severely Unaffordable”,
Sydney Crowned “Second Least Affordable Market”’, ABC
News (23 January 2018).
6 RBA, Financial Stability Review.
7 Tony Kaye, ‘Interest Only Borrowers Fail Literacy Test’,
Eureka Report (5 October 2017).
8 ANZ Survey of Adult Financial Literacy in Australia (ANZ,
The Social Research Centre, May 2016).
9 Toni Bracken, Taxation as a Component of Financial Literacy:
How Literate are Australians in Relation to Taxation?, PhD
Thesis (Griffith Department of Accounting, Finance and
Economics, March 2014).
10 ASIC, National Financial Literacy Strateg y 2014-
2017 (Australian Government, Australian Financial
Literacy Strategy), http://www.financialliteracy.gov.au/
11 ASIC, National Financial Literacy Strateg y Consultation
2017, Consultation Paper 295 (ASIC, October 2017),
12 As above.
13 Anthony Shomos and Matthew Forbes, Literacy and
Numeracy Skills and Labour Market Outcomes in Australia,
Productivity Commission Staff Working Paper (Canberra:
Australian Productivity Commission, May 2014), http://
15 ASIC, National Financial Literacy Strategy, ‘Strategy and
Action Plan’, http://www.financialliteracy.gov.au/strategy-
16 OECD-International Network for Financial Education
(INFE), National Strategies for Financial Education:
OECD/INFE Policy Handbook, http://www.oecd.org/
17 OECD-INFE International Survey of Adult Financial
Competencies (OECD 2016), https://www.oecd.org/daf/
18 ‘Jump$tart’ Coalition Survey of Personal Financial Literacy
Among Students’, http://jumpstart.org/survey.html
19 OECD, PISA 2015 Survey Results (Volume IV): Students’
Financial Literacy (OECD Publishing, 24 May 2017),
20 Sue Thomson and Lisa DeBortoli, PISA 2015: Financial
Literacy in Australia (Australian Council for Educational
Research, 2017), p.x, https://www.moneysmart.gov.au/
21 OECD-INFE International Survey.
22 ASIC, National Financial Literacy Strategy.
23 INFE, Guide to Creating Financial Literacy Scores and
Financial Inclusion Indicators Using Data from the OECD-
INFE 2015 Financial Literacy Survey (INFE, 13 September
24 OCED-INFE International Survey.
25 ASIC, ‘Financial Product Disclosure, Certificates Issued
by a Qualified Accountant’, http://asic.gov.au/regulatory-
26 Financial Planning Association of Australia, ‘The Future
Financial Planning Profession’ (22 May 2014), https://fpa.
27 RBA, ‘Statistical Tables’, https://www.rba.gov.au/statistics/
28 Mark Brimble, Katherine Hunt, Dianne Johnson and
Kirsten MacDonald, Reinvention is the New Retirement,
Intergenerational Wealth Transfer: The Opportunity
of Gen X &Y in Australia (Griffith University and
No More Practice Education, 2017), https://www.
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