Government launches consumer finance website

The Government has launched a website dedicated to helping consumers better understand and manage their finances.

The MoneySmart.gov.au site was developed by the Australian Securities and Investments Commission (ASIC) is part of the Government’s national financial literacy strategy, according to a statement from Treasury.

The site includes 26 calculators and tools, including specially designed mobile phone applications, and offers guidance in situations such as signing a mobile phone contract, starting a family or saving for retirement, according to Financial Services Minister Bill Shorten.

The site will also make it easier for consumers to compare the rates and fees on offer at the banks and get the best possible deal out of their financial institutions, he said.

The Government has also allocated $10 million over three years for ASIC to deliver face-to-face financial literacy training for more than 6,000 teachers as part of the new national curriculum, according to the statement.

The site received support from the Association of Superannuation Funds of Australia (ASFA), which particularly welcomed the inclusion of tailored information to assist women improve their superannuation balances.

MoneySmart will help improve retirement outcomes for Australians by offering unbiased and simple-to-understand information about personal finance and superannuation, ASFA stated.

MoneySmart was also welcomed by AustralianSuper, with fund chief executive Ian Silk stating that there was existing demand from consumers for these types of tools and calculators.

Silk said the site will complement online calculators provided by organisations including AustralianSuper, and he encouraged others in the industry to provide clear and accessible resources, in plain language, to their customers and to the wider community.