March 21, 2006
JS-4129

Deputy Assistant Secretary Iannicola Meets
with
Financial Literacy Experts in Australia and
New Zealand

Treasury Deputy Assistant Secretary for Financial Education Dan Iannicola Jr. discussed financial literacy topics with Australian leaders from the government, financial services industry and community-based organizations in Melbourne, Hobart and Sydney from March 8 through March 13.  He also met with the New Zealand Retirement Commissioner on March 21 in Wellington, NZ.  All the talks focused on the problems and solutions involved in raising the level of financial literacy in the United States, Australia and New Zealand.

"Throughout these conversations it has become clear that many developed economies struggle with some of the same problems – helping adults plan for their financial futures, teaching young people the basics of money and equipping consumers to protect themselves from bad deals and bad decisions.  We also have discovered some of the same solutions for these problems – the use of public/private partnerships, public outreach and seizing upon teachable moments," said Iannicola.

While in Australia, Iannicola also met with government officials and financial services industry representatives including the Credit Union Industry Association, the Australian Bankers Association, the Association of Superannuation Funds of Australia, the Investment and Financial Services Association and the Australian Stock Exchange. Iannicola met with John McFarlane, the CEO of ANZ Bank.   ANZ Bank raised the visibility of financial literacy in Australia when it released its first study, the ANZ Survey of Adult Financial Literacy, in May 2003.  Since then, the Australian government has established a Financial Literacy Foundation as part of the Federal Treasury and ANZ has made a commitment to improving the financial literacy and inclusion of adult Australians into the financial mainstream, particularly the most vulnerable populations.  

"I hope the American experience of trying to raise financial literacy can be instructive to our Australian and New Zealander colleagues," said Iannicola.  "Their approaches to the issue have certainly given us things to consider.  For instance in Australia one organization, a bank, took the national conversation about financial education to a higher level, just by sponsoring important research.  There is tremendous opportunity for this type of private sector involvement in the U.S."