Financial literacy education programs need to be better targeted in order to be effective, the chief executive of the Finance Brokers Association of Australia (FBAA
) has said.
Speaking after he attended the National Financial Literacy Stakeholder Forum last month, Peter White
, the CEO of the FBAA
has said more attention needs to be paid to those groups which are most neglected when addressing financial literacy.
“There were a lot of interesting topics canvassed, but one that resonated was the need to embrace and better educate women when it came to financial affairs,” White said.
According to White, with 70% of women managing the household budget, financial literacy programs aimed at women are vital.
“Of course, women live longer than men and should be equipped to make informed and suitable decisions about their financial future particularly when circumstances change.”
White says the Forum also heard about the need for brokers to adapt to the ever-changing online world of financial literacy.
“The days of brokers just getting a customer a loan are now gone. There is a whole lot of add-on and follow up service required which will translate in to a healthier and risk mitigating experience for brokers and borrowers,” White said. “Just like in life, ongoing education is the key.”