In a significant boost for financial literacy in Australia, new funding has been made available for financial literacy projects. Financial Literacy Australia Ltd will be the recipient of $4 million in voluntary donations from companies that have entered into enforceable undertakings with ASIC.
The money will be used to establish a grants program for promising financial literacy programs, resources and research with the expectation that the first round of grants will be distributed in late 2014.
Financial Literacy Australia has established a sub-committee of the Board to oversee the development of the new initiative and recruit appropriate staff to manage the program.
The Financial Literacy Australia Grants program is expected to launch in May.