There are four target cohorts for Government action related to financial capability under the Strategy:

  • Young Australians
  • Women
  • People in or near retirement
  • Aboriginal and Torres Strait Islander peoples.

The Government is taking a sequential approach to actions on the four target groups under the Strategy. The first target cohort is young Australians, starting with a new online resource and national conversation encouraging parents and their teenagers to discuss money. The next cohort will be women, with people in or near retirement and Aboriginal and Torres Strait Islander peoples to follow. The financial capability challenges facing these cohorts are discussed in the attachments to the Strategy.

Initial Actions – Young Australians

The Government is taking action to build the financial capability of young Australians, as the first target cohort under the Strategy. These actions are a culmination of extensive work and research that has been undertaken by the Treasury since it took on policy responsibility for financial capability in the 2020‑21 Budget.

In late 2020, Treasury commissioned market research of young people and their parents and guardians to determine their financial capability building needs and the opportunities for Government to undertake further initiatives to support financial capability for young Australians. This research identified a gap in existing online financial capability initiatives for young Australians in terms of what is offered (content) and how it is offered (framing of the information is usually not relevant to or tailored to youth), and an expectation from young people and their parents and guardians that the Australian Government should be filling this gap. In addition, it highlighted the important role that parents and guardians can play to build youth financial capability, through having conversations with their children about financial matters.[8]

The Government has introduced a new youth financial capability online resource called Money Managed, which aims to support Australian teenagers to make informed financial decisions and engage in financial behaviours that are in their best interests. Money Managed is an interactive, mobile first platform, that has practical information, tips and tools relevant to the ‘financial firsts’ that young people face, such as getting a first job or saving for a major purchase.

Money Managed is supported by a communications campaign to promote the resource to teenagers and their parents and carers. The campaign highlights the importance of financial capability for teenagers and encourages money conversations in the family unit.

The Government is also investigating other innovative, digital solutions to build the financial capability of young Australians during their ‘financial first’ life events, such as when they are engaging with government services online.

This aims to complement several existing Government initiatives targeted at building the financial capability of young Australians:

  • Moneysmart (ASIC) – This is a key resource for all Australians to take control of their money with online tools, tips and guidance. Moneysmart’s new ‘Get Moneysmart’ resource aims to help young people feel more confident with how they are using money today and better prepare them for more significant financial decisions later in life. 
  • Moneysmart for teachers (ASIC) – These are free resources, including activities and e books, aimed at teachers to support them teaching young people about money in the classroom. 
  • Tax, Super + You (ATO) – This teaching resource is targeted at secondary school students and teachers, focusing on the value of the tax and superannuation systems. It is a complete learning management system (including interactive videos, quizzes and assessments) mapped to the Australian Curriculum. 
  • Paying It Forward (ATO) – This teaching resource is targeted at primary school teachers and aims to help them educate young people about tax and superannuation by focusing on developing civic values and the financial wellbeing of students.
  • Teacher professional development (ATO) – This is an accredited online professional development course for primary school teachers to help them educate students about the value of the tax and superannuation systems and their role within these systems.

Further Actions

This Strategy sets out the framework for initial and future financial capability actions. The Government welcomes further engagement from organisations and individuals with an interest in financial capability on the content of the Strategy and how future actions under the Strategy would best be targeted. 

The Government will be consulting further with key stakeholders, including the States and Territories and those in the financial capability community, to encourage the ongoing sharing of evidence, data and insights.

Following the focus on young Australians, the Government will be considering actions for women, people in or near retirement and Aboriginal and Torres Strait Islander peoples that are innovative, targeted and aim to drive behavioural change. These cohorts face different financial capability challenges and there will be different approaches that are most successful in reaching them and driving behavioural change in each. The Government will therefore be considering programs that are tailored and based on financial and behavioural research and understanding of each.


[8] Kantar Public (2021), “Youth Financial Capability Program Formative Research Findings”, commissioned by Treasury