Why I put together the Financial Literacy Hub for Australia in 2020
Picture yourself in the gym.
What’s first piece of equipment you go to?
Where do you feel comfortable?
What’s your comfort zone?
Everyone has a different answer to these questions. We all have different assets or strengths, we start from different levels of fitness and we pursue different fitness goals.
This also applies to our finances.
There’s not a one-size-fits-all solution when it comes to money because we’re born into different levels of wealth, we earn different salaries, we have different levels of financial literacy and we pursue different financial goals.
To ensure we meet people where they are, it’s important to promote a range of diverse financial services, information and support so that we can determine what works best for our individual needs. I created the Financial Literacy Hub for Australia in 2020 to create a one stop shop that shows the different sources of support and information available across Australia.
Why does the Financial Literacy Hub exist?
The Financial Literacy Hub publicly shows who is doing what when it comes to financial literacy in Australia. It showcases the range of services available and also seeks to connect organisations who are working on similar projects so that we collaborate rather than duplicate. It can be hard to find these resources so we’ve put them in one place so more people can find them.
Why do you promote different organisations?
It’s a conscious choice. Money Bites is quick, accessible and relatable personal finance content. Our bite sized approach works for some people but what we produce will not be the right solution for everyone. There are so many amazing services across Australia and we want to ensure these free resources are highlighted so that more people know about them.
Whether it’s the National Debt Hotline to help you tackle debt, Business.gov.au to help you access support for your business or the Smith Family programs if you want to improve your savings skills, there’s a range of services out there to suit different needs. There’s more to be gained from connecting people with an organisation that serves them than worrrying about being number 1 in the field.
What is financial literacy?
Financial literacy is having the knowledge and skills to make financial decisions that will benefit you and understanding complex financial products like super so that you can make them work for you. Financial literacy is essentially education on how you can manage your money. If the term financial literacy sounds too academic, some complicate this further and use other terms like financial capability or financial wellbeing. At the end of the day, all these terms really seek to achieve the same thing: We’re all here to improve education around money and how we use it.
What is featured in the Hub?
The organisations featured in the Hub are free national services and information sources. I regularly get asked what financial books I would recommend so I’ve listed these recommended books by and for Australians about money in the Hub, including my favourite book by the Barefoot Investor himself, Scott Pape. I’ve also listed research that underpins our understanding of financial literacy if you want to learn more about the topic.
What’s next for the Hub?
We’ll start tracking local organisations and events so you can easily find services in your local area. This look up tool will mean that no matter where you are in Australia, you can find the financial information and services you need. After Australia, we’ll start connecting the rest of the world so that different groups actively share knowledge internationally on this issue.
How can you get involved?
Have a look through the list of organisations and books we have listed in the Hub so far. If you know a great organisation or book by and for Australians who we should feature, please let us know so we can add them to the Financial Literacy Hub. If you’re working in this space, please get in touch as we’d love to collaborate on financial literacy.
We’re starting the year with a strong vision of collaboration on financial literacy across Australia.
Welcome to the Financial Literacy Hub, your one stop shop for financial literacy support and information across Australia.
Read more at: Financial Literacy Hub