The Australian Bankers' Association (ABA) said the new MoneySmart website will be a helpful resource for consumers who access financial literacy information online.

The Australian Securities and Investments Commission (ASIC) today launched its new website1 which is welcomed by the banking sector because it is aiming to help people make smart choices about their personal finances.

Steven Münchenberg, Chief Executive of the ABA, said: "An informed and educated consumer is more likely to make better choices about financial products and services, to participate in the banking and financial sector with more confidence, and to make more informed financial and consumer decisions."

"MoneySmart provides useful information for consumers and will complement banks' innovative financial literacy programs and activities underway which deliver real value to communities."

"Some of the areas in which banks are involved include micro lending to people on low incomes, matched savings programmes, programmes to improve levels of financial literacy in indigenous communities, classroom resources and seminars for parents and students."

The ABA and its member banks are committed to the national goal of improving Australians' financial literacy through individual bank initiatives and through the ABA's programme - 'Broadening Financial Understanding'.

The ABA notes that today, as well as the website, the National Financial Literacy Strategy was launched. Both are described as an important plank in the first stage of the Federal Government's "new banking competition public awareness campaign."2

The strategy is focussed on delivering quality financial literacy education through schools, workplaces, higher education institutions and in the community.

Mr Münchenberg said: "We are pleased to see that one of the four core elements of the strategy is the Government working in partnership with other groups involved in financial literacy. The ABA and the banking sector looks forward to building on our existing efforts and leveraging more effective partnerships with ASIC, the Government and community groups to assist Australians take control of their finances."