Importance of financial information emphasised at awards

An awards ceremony held to mark Money Smart Week has emphasised the importance of providing consumers with plenty of information to make informed choices.

The inaugural Money Smart Week awards ceremony in Sydney congratulated partnerships between banks, government and community organisations for their work in bolstering financial literacy.

Chair of the Australian Government Financial Literacy Board Paul Clitheroe said: "Over the past ten years financial literacy has become increasingly important, both nationally and internationally."

He noted the "growing choice and complexity in financial products and services" has made this necessary.

Consumers looking to compare term deposits may be grateful for any financial literary skills they have been able to develop to help them make the right choices.

Mr Clitheroe also said people need support to "change behaviours" to improve their financial well-being.

Recent Reserve Bank of Australia research has indicated one change of behaviour has taken place across the country since 2006, with consumers seeking to keep on top of their credit card debts instead of letting them go on increasing.