The Australian Securities & Investments Commission (ASIC) has developed the National Financial Capability Strategy to support the achievement of their vision for all Australians to be in control of their financial lives. The information below is a key part of their strategy and will help you to build your financial capability.
More information Australian Securities & Investments Commission.
We each have our own money story, which is made up of the positive and negative experiences we've had with money over our lifetime. These experiences inform our financial attitudes, biases and behaviours, and the more we understand our approach to money, the more opportunities we have to take action to improve our financial wellbeing. There are three behavioural areas you need to be aware of to empower you to take control of your financial situation today, tomorrow and into the future.
Build good money habits by tracking your money in and out to make saving money easier and stay on top of bills, looking at your spending priorities to make money go where it matters most, managing your debt and credit card use to take control and reduce financial stress, and getting into a savings habit to cope better with financial shocks.
Talk with your family and friends about money to share and learn from those around you and reinforce good money habits. Consider your options and choices to feel more confident about the money decisions you make and get help when needed to reduce financial stress and take control.
Improve your financial future by working towards savings goals to enjoy the things that matter, stay on top of your superannuation to have more options in retirement, make informed investing choices to grow wealth for retirement of lifestyle choices, and protect what matters most to ensure you are less vulnerable when things go wrong.