Broadening Financial Understanding
Diane Tate
Director, Corporate and Consumer Policy, Australian Bankers Association
Given today’s ever-changing financial climate, to say that a lack of financial literacy can be costly for individuals is to make an understatement of great magnitude. Understanding this reality Down Under, the Australian Bankers’ Association provides valuable knowledge and regulatory assistance to its citizens to help them become fully informed, allowing them to become competent in managing their money and achieving their life goals.
The Australian Bankers’ Association traces its history back to the late 1940s, when an organization was formed to oppose a Government proposal to nationalize the banking system. Since then, the ABA has evolved substantially and is now committed to a national goal of improving Australians’ financial literacy through its landmark Broadening Financial Understanding program, which aims to help Australians make informed and confident decisions regarding their finances and futures through a variety of channels and partners.
The ABA’s purpose was born out of a collectively recognized need for improved financial literacy from communities, industries and governments, both in Australia and overseas. This is underpinned by the fact that for many years, Australian banks have recognized the importance of financial literacy and subsequently put into place their own programs. Understandably, the ABA’s latest effort was purposely designed to not replace, but rather to complement others’ efforts.
“Our mission was designed to sit alongside existing programs and resources and widen the Australian community’s understanding of what is available to assist them and help them better manage their money and take control of their finances,” stated Diane Tate, Director of Corporate and Consumer Policy for the ABA, an organization whose influence has been instrumental in the Australian banking industry for six decades.
Throughout the years since its inception, the ABA has taken on many roles and responsibilities on behalf of its membership, but the modern organization reflects major restructures that occurred in 1985 and 1997. In the mid 1980s, it was decided that the ABA’s role was too limited and that it would be broadened in favor of having a fully representative organization of all licensed banks in Australia. Three existing organizations were merged to form the “new” Association, including the Australian Bankers’ Association-Research Directorate, which was based in Sydney, and the Australian Bankers’ Association and a Banking Education Service, both based in Melbourne. Two years later, the Banks’ Industrial Association was also integrated into the ABA.
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