A free online ‘action plan’ can now be used to undertake a ‘money health check’ with a first ever government initiative in place.
This first MoneySmart Week is the first of its kind to encourage financial literacy for all Australians, announced minister for community services, Julie Collins, and minister for financial services and superannuation, Bill Shorten.
Until September 8 this initiative from the Australian Government Financial Literacy Board will help create a personalized action plan for all those wishing to better their financial situation.
"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,” said Mr Shotern.
"Just last month the Parliament passed laws that better protect borrowers who use payday loans. MoneySmart Week complements these reforms.”
The online health check program was developed by the Australian Securities and Investments Commission. It takes into account age group, marriage status, savings plans, debt and your financial habits, offering suggestions along the way.
At the end of the set of questions, indicators are provided to show where you can do better and which areas you are succeeding in.
Categories looked at include financial goals, income and expenses, managing debts, saving and investing, asset protection, superannuation and retirement, and estate planning. A checklist of things to do can then be printed.
The Money Health Check was developed by the Australian Securities and Investments Commission to help people identify which areas of their finances need attention.
Under MoneySmart Week there are also a number of events and seminars in each state and territory