ASIC launches new bud­get­ing tool

Wangaratta Chronicle - North East Regional Extra - - News -

THE Min­is­ter for Rev­enue and Fi­nan­cial Services, The Hon. Kelly O’Dwyer has launched ASIC’s MoneyS­mart ‘Sim­ple Money Man­ager’.

The Sim­ple Money Man­ager is a free on­line bud­get­ing re­source de­signed to help cul­tur­ally and lin­guis­ti­cally di­verse (CALD) Aus­tralians with ev­ery­day bud­get­ing to take con­trol of their fi­nances.

ASIC con­sulted a wide range of gov­ern­ment and com­mu­nity or­gan­i­sa­tions to en­sure the user ex­pe­ri­ence was at the cen­tre of the de­sign and sought ad­vice on the com­mu­nity lan­guages cho­sen.

The re­source is avail­able in English and has been trans­lated into eight com­mu­nity lan­guages, rep­re­sent­ing es­tab­lished com­mu­ni­ties (Sim­pli­fied and Tra­di­tional Chi­nese, Ital­ian,

Ara­bic, Viet­namese) and re­cently ar­rived groups (So­mali, Dari and Su­danese Ara­bic).

It in­cludes in-lan­guage au­dio to help users eas­ily in­ter­act with it.

Min­is­ter O’Dwyer said the Sim­ple Money Man­ager pro­vides a prac­ti­cal tool to as­sist with ev­ery­day fi­nan­cial man­age­ment which ad­dresses the lim­ited writ­ten literacy for some lan­guage groups.

“Im­prov­ing the ac­ces­si­bil­ity of fi­nan­cial tools will help peo­ple

take con­trol of their daily fi­nances and al­le­vi­ate any stress this brings.

“It will also build con­fi­dence to de­velop pos­i­tive money habits which will stay with them for the rest of their lives,’ Min­is­ter O’Dwyer said.

One in eight Aus­tralians aged 14 and over ac­cess gov­ern­ment in­for­ma­tion and services on­line, to­talling around 324 mil­lion trans­ac­tions a year.

More than half of these peo­ple ex­pe­ri­ence ac­ces­si­bil­ity is­sues, in­clud­ing con­sumers with lim­ited English lan­guage ca­pac­ity un­able to in­ter­act with web­pages avail­able only in English.

This sup­ports ASIC’s ap­proach to pro­vid­ing in-lan­guage re­sources for CALD con­sumers to help them make in­formed fi­nan­cial de­ci­sions.

“Bud­get­ing is the best way to get on top of your fi­nances and take con­trol of them.

“ASIC’s new dig­i­tal re­source is easy to use and will help you work out how much money you have com­ing in and go­ing out.

“It can be tai­lored to your unique sit­u­a­tion to help you man­age your ex­penses,” said Mr Peter Kell, ASIC’s deputy chair­man.

The Sim­ple Money Man­ager will be pro­moted on­line and on so­cial media.

It is avail­able on ASIC’s MoneyS­mart web­site.

For more fi­nan­cial tips visit moneys­mart.gov.au.

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