(8 July 2008 – Australia) The Australian Bankers’ Association has held a summit on financial literacy to continue to improve literacy levels and support the community.The Australian Bankers’ Association has held a summit to learn about the effectiveness of current financial literacy programs in Australia.
National Australia Bank’s (NAB) deputy group chief executive, Michael Ullmer, spoke on behalf of the ABA chairman and NAB group chief executive officer John Stewart.
Ullmer said that banks are seeking more effective ways to help Australians better understand money management.
He also said that an informed and educated consumer is more likely to make better choices about financial products and to participate in the banking and financial sector with more confidence.
The ABA released two new financial literacy booklets which expand the ABA’s range of consumer publications.
The two publications are in the areas of Planning for Home Ownership and Planning for Retirement.
Ullmer said that while money management skills are a vital life skill and people generally want to make the most of their financial resources, financial literacy in these areas in particular has yet to see effective interest from individuals.