Feedback
The Taskforce is keen to receive feedback on the issues and proposals in this discussion paper and would encourage all organisations or individuals with an interest in improving consumer and financial literacy to respond with a submission.
How to make a submission
Throughout the paper, a series of questions are posed which are repeated here in full. These questions provide a structure through which the Taskforce can develop their final recommendations to Government.
It is not necessary to respond to all questions, but we would appreciate it if you could structure your submission as a series of answers to the questions which have relevance to you.
Submissions should be sent:
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02 6263 2830 or |
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CFL Taskforce Secretariat |
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Confidentiality
It will be assumed that submissions are not confidential and may be made publicly available. If you want your submission, or any part of it, to be treated as ‘confidential’, please indicate this clearly. A request made under the Freedom of Information Act 1982 (Cth) for a submission marked confidential to be made available will be determined in accordance with the Act.
Closing date for Submissions — 31 July 2004
Chapter 2 The consumer
Question 2.1
Economic forces and government intervention can both improve and constrict a consumer’s ability to understand and act on information. As such, information providers must make assessments about the extent to which information alone can change consumer behaviour.
Are economic and government factors sufficiently understood in information provision to consumers?
Question 2.2
Where we come from and our socio-economic status in life are key determinants in how we access and use information. As such, it is important for information providers to recognise the particular disadvantages that some consumers face in both accessing and acting on information.
Are socio-economic and demographic factors that important? How should they be factored into what information providers produce?
Question 2.3
Understanding the different personal characteristics that lead to consumer problems helps information providers decide whether they need to target behaviour rather than product knowledge in any information campaign.
Is a broader understanding of human behaviour useful in addressing consumer and financial literacy? How do we best discern the different personal characteristics of people in the community?
Question 2.4
Understanding and appreciating the differences between consumer wants and aspirations helps information providers better prioritise information while recognising that many consumers take an aspirational outlook to issues that face them.
Is an appreciation of needs and aspirations useful?
Question 2.5
Understanding the life event triggers behind the big decisions that consumers make, assists information providers in targeting information at the times and places in people’s lives when they most need it.
Does this help? How can the Taskforce’s understanding of life events be enhanced?
Question 2.6
Learning consumer and financial skills is all about building our capacity to make better decisions throughout our lives.
What skills are important to consumers? Do the consumer and financial skills presented in this section capture all relevant skills? How can we benchmark these skills over time?
Question 2.7
Understanding consumers’ preferences for information allows information providers to properly target their messages and maximise their reach.
What information sources do consumers trust? Are consumers confused by different information on the same issue? Is information tailored to the learning style of the target audience?
How important are intermediaries such as financial advisors in delivering outcomes for consumers?
Chapter 3 The information provider
Question 3.1
The extent to which Australians’ needs are met by the currently available consumer and financial education programs needs to take account of a number of factors including the following:
- The availability of information — Are there some topic areas where there is insufficient information?
- Awareness of the available information and information sources — Do consumers (or teachers and other intermediaries) know what is available?
- Access to the available information — Do consumers know how to access information? Are all consumers able to access information?
- The quality of the information provided — Is the available information clear and consistent?
- Efficient allocation of resources — Is consumer education delivered efficiently?
Question 3.2
What elements from overseas approaches should the Taskforce recommend in the context of the current Australian environment?
Chapter 4 An integrated solution
Question 4.1
The Taskforce is proposing that a coordinating body be established to promote and facilitate a coordinated and targeted approach to consumer and financial information in Australia.
The body would aim to achieve this through the development of the Consumer Behaviour Model into a tool that can be used by service providers. The body would also be given a number of other functions to do with consumer and financial literacy that are currently not implemented in a comprehensive and coordinated manner. These include: research, a clearinghouse, an accreditation service to enable consumer and financial literacy to be incorporated into the school curriculum, an ongoing awareness campaign, a capacity-building grants program and a partnerships program.
Is a coordinating body necessary? Should it be Government or industry funded? What functions should it perform?
Return to Contents
Previous - Chapter 4 - An Integrated Solution
Next - Appendix 1 - Membership of the Consumer and
Financial Literacy Taskforce
