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ASIC has thrown its weight behind financial literacy in schools, while also trumpeting its success in punishing loan fraud.
The regulator has released the National Financial Literacy Strategy, with one of its priorities being to promote financial education in schools.
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The aims include increasing the number of teachers who are qualified to teach financial literacy and developing resources for teachers and students.
ASIC said part of the reason financial literacy is so important is because financial products are becoming more complex, while people often overestimate their financial knowledge.
“Internationally, building the financial literacy of young people from an early age is now widely recognised as a fundamental part of education in the 21st century,” according to ASIC.
“Equipping young people with the basic knowledge, skills and behaviours needed to make good financial decisions, and an understanding of where to go for help when they need it, gives them an essential skill set to use for the rest of their lives.”
Meanwhile, ASIC announced that it had achieved 256 “enforcement outcomes” between January and June. This included criminal proceedings as well as banning and disqualification actions.
The regulator said its current areas of focus include taking action against credit providers for misleading consumers and loan fraud.
“The National Credit Act has been in force since 2010. Industry has had sufficient time to familiarise itself with its obligations under the legislation,” ASIC said.
“Where we see loan fraud or misleading conduct ASIC will take enforcement action. The last six months has seen 24 enforcement outcomes in consumer credit.”
[Related: ASIC forms task force to investigate one-stop shops]
