Consumer and Financial Literacy Taskforce, Australian Government, The Treasury.

 

Sydney

The Taskforce held stakeholder and public meetings in Sydney on Friday 25 June.

Paul Clitheroe and Taskforce members Peter Kell (Australian Consumers’ Association), Craig Dunn (AMP Australia), and Roseanne Hunt (Finance First, YWCA of Sydney) received valuable insights into financial literacy problems. There was overwhelming concern expressed about high credit card debts faced by many young adults and the pressure placed on their parents to bail them out. Most agreed with Paul’s assessment that the best way to address such problems is through education programs that effect long term cultural change.

Understanding credit card debt

Jenny and her husband, Alan, have a son in his early twenties. They are worried about his escalating credit card debt. Their son only makes the required minimum repayment each month and he does not acknowledge that the balance on his card is growing due to the impact of compound interest. Jenny tries to teach her son the importance of budgeting and long term planning but she sometimes feels that he takes money for granted.

Pictures

Follow the links on the thumbnails to full size images.

Picture: Michael Mack from WAW Credit Union and Paul Clitheroe
School teacher, Mr Naiker, talks to Paul Clitheroe about a financial literacy teaching program he has developed.
Picture: Ray Hortle talking to  Paul Clitheroe
Paul Clitheroe was pleased to meet the three generations of Williams - Walter, Collin and Joel – who are an excellent example of how good financial literacy skills and a positive attitude to money tend to be passed down from generation to generation.

Contact the Taskforce

The Australian Government has established the Financial Literacy Foundation which is building on the work of the Taskforce. Please visit the Foundation at www.understandingmoney.gov.au.