The 2008 ANZ Survey of Adult Financial Literacy found those with high levels of financial literacy were more aware of investment risk, less likely to be attracted to risky investments and were more likely to have shopped around for the lowest fees. Financial literacy is also good for the economy, according to a study published by the Commonwealth Bank Foundation, with increased financial literacy leading to an increased flow of funds to Australia’s more profitable businesses via better saving and investment decisions. Financial Planning Association chief executive Jo-Anne Bloch says it is not enough to take advice from a trusted adviser or financial planner; investors must understand the advice they are being given. The Australian Securities and Investments Commission , charged by the federal Government with improving financial literacy, is planning its own seminars in the major capitals. Kaplan Professional runs courses for financial services industry professionals but also has a series of day-long short courses on subjects such as understanding financial markets and analysing company financial statements. read more

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