Improving the finance sector for all Australians
Carsten Murawski has co-authored a white paper calling for urgent action to address current and future financial challenges and to improve outcomes for all Australians.
The white paper, titled FinFuture: The Future of Personal Finance in Australia, recommends the adoption of a National Financial Wellbeing Framework to define important financial wellbeing outcomes and set professional standards, as well as the establishment of a National Financial Wellbeing Agency responsible for whole-of-system coordination, including guidance on regulation.
Additionally, it recommends compulsory, evidenced-based financial literacy training be introduced in schools, TAFEs and universities to improve Australia’s low rates of financial literacy and capability. The authors, comprising specialists from finance, law, computer science and service science, say the sector needs to regain the public’s trust by committing to a shared purpose: serving the community by improving individuals’ financial wellbeing. More can be read here at Pursuit.