Appendix 2 Taskforce Terms of Reference

1. The 15 member Taskforce will be chaired by Paul Clitheroe and includes people who are leaders in their field and who can bring a broad perspective to the Taskforce, while balancing the interests of industry, government, consumer and community groups.
2. The Taskforce will release a Discussion Paper for public consultation by May 2004 that maps and evaluates existing consumer and financial literacy information and programs in Australia and the services provided by the public, private and community sector.
3. The Taskforce will consult relevant stakeholders and have regard to suggested approaches to consumer and financial information provision already published in policy papers, research reports, investigative articles and public statements.
4. The Taskforce’s final report is to be delivered by August 2004 and will make recommendations for a National Strategy for Consumer and Financial Literacy. The National Strategy objectives are outlined in Attachment A.
5. In evaluating current consumer and financial literacy programs and services, the Taskforce will consider:
   • The current availability and adequacy of financial education and information in schools;
   • The availability of financial information in the broader community, especially the capacity of Australians to understand and manage credit risk;
   • The availability of financial information and education to maximise superannuation and retirement savings;
   • The extent to which the foundation skills of current low-skilled adults and the mature-aged can be improved;
   • Enhancing awareness of the importance of saving and better communicating the need for a focus on retirement savings;
   • Any gaps or overlap in the current provision of financial literacy and consumer education programs by public, private and community sector organisations;
   • The linkages between public, private and community sector organisations in providing financial information and products and the contribution of key financial stakeholders;
   • The variety of multi-media and traditional communication tools used to disseminate messages and information about consumer and financial literacy;
   • The level of interest and motivation from consumers to seek out information about consumer and financial literacy.
6. In addition to these responsibilities, the Taskforce may consider any immediate actions to streamline, improve, or augment current consumer and financial education initiatives where these actions have received widespread support from key stakeholders and where these actions can be fully met within existing organisational funds.

Attachment A

National Strategy Objectives

• To clarify the roles and responsibilities of the various public, private and community sector organisations delivering consumer and financial information and education. The National Strategy should provide an assessment of the current availability and effectiveness of suitable programs.
• To facilitate a national approach to the provision of consumer and financial literacy programs and information. The National Strategy should establish the means for organisations involved in consumer and financial information provision to work together on joint or individual initiatives in nationally consistent ways.
• Foster best practice. The National Strategy should identify best practice principles for consumer and financial information and education provision based on successful domestic and international approaches.
• Identify areas of priority. The National Strategy should provide focus for organisations involved in consumer and financial literacy and dissemination of consumer and financial information by identifying areas of priority.
• Ensure effective implementation. The National Strategy should ensure any recommendations have ongoing support (both in a policy and financial sense) from key stakeholders. The National Strategy should engender ownership by appropriate stakeholders and ensure appropriate targets are met.

Return to Contents
Previous - Appendix 1 - Membership of the Consumer and Financial Literacy Taskforce
Next - Appendix 3 - The Consumer and Financial Literacy Information Stocktake