There are many organisations working on addressing financial capability and wellbeing, led by the Australian Securities and Investments Commission (ASIC) through the National Financial Capability Strategy.
This practical network of government, community, educators and business sectors supports people to manage their money and recognises that when more Australians are in control of their financial lives, everyone benefits.
The Strategy recognises that a single approach does not work, and financial capability cannot be addressed in isolation from other socio economic and behavioural factors. Ecstra will work across sectors to scale promising and proven programmes. We will also actively seek out and support new evidence-based approaches.
ASIC and our community partners have identified that some consumers need additional assistance. Our activities and funding priorities will include a focus on;
FEMALE ECONOMIC EMPOWERMENT– to support and encourage women to engage with their finances at all life stages
YOUNG PEOPLE – understanding key maths, literacy concepts, financial education and making informed financial decisions
OLDER AUSTRALIANS – to receive the support they need to navigate options for a healthy, financially secure retirement
INDIGENOUS AUSTRALIANS – to have access to appropriate financial products and services and support
ETHICAL DECISION MAKING – supporting the critical evaluation and new approaches to ethical behaviour and decision making by financial market participants.