Do a Money Health Check in MoneySmart Week
The first ever MoneySmart Week is underway – and the Australian Government is encouraging Australians to carry out their own ‘money health check’.
The Minister for Community Services, Julie Collins and Minister for Financial Services and Superannuation, Bill Shorten, said the Australian Government is committed to improving the financial literacy of all Australians and is a proud supporter of MoneySmart Week.
MoneySmart Week from 2-8 September is an initiative of members of the Australian Government Financial Literacy Board, led by Mr Paul Clitheroe AM.
“Just last month the Parliament passed laws that better protect borrowers who use payday loans. MoneySmart Week complements these reforms,” Mr Shorten said.
“The Week is supported by a committee of volunteers from over 50 organisations in the business, community and government sectors – and the Government thanks them for their work.
“The online Money Health Check is free and easy to use. It asks simple questions across eight money topics with people receiving a personalised action plan at the end.”
Ms Collins said the Australian Government is supporting vulnerable Australians to be more self-reliant financially through a range of programs.
“We are providing more than $393 million over the next three years to help people manage their money and plan for the future,” Ms Collins said.
“The support through our Financial Management Program includes emergency relief, financial counselling, money management services and the Home Energy Saver Scheme.
“That’s in addition to the $37.5 million for low-cost microfinance programs such as Saver Plus and the No Interest Loan Scheme.
“The NILS program provides eligible low-income earners with loans at zero per cent to buy household necessities like refrigerators and washing machines. Last year, almost 18,500 loans were provided.
“These programs give low income earners the practical means to get back on their feet and are making a real difference in people’s lives,” Ms Collins said.
The Money Health Check was developed by the Australian Securities and Investments Commission to help people identify which areas of their finances need attention.
For more information on MoneySmart Week events or to do a money health check visit www.moneysmartweek.org.au