Daniel Shrimski
With financial literacy rates in Australia remaining low, Vanguard Australia has welcomed the launch of the Parliamentary Friends of Financial Capability (PFG), a new non-partisan parliamentary group established to elevate financial capability as a national priority.
Congratulating the Co-Chairs, Senator Richard Dowling and Senator Jessica Collins, Vanguard said the group provides an important opportunity to bring together policymakers, regulators, educators, industry and community leaders to strengthen Australians’ financial confidence and capability.
Daniel Shrimski, Managing Director Asia Pacific at Vanguard said improving financial capability should be recognised as a national priority.
“Financial capability is a key issue. It underpins retirement security, cost-of-living resilience, housing outcomes, women’s economic participation, scam resilience and broader economic productivity,” Mr Shrimski said.
“Every day Australians are required to make increasingly complex financial decisions, yet too many lack the knowledge, confidence and support needed to navigate them successfully.”
According to Vanguard’s upcoming 2026 How Australia Retires report, nearly half of working-age Australians lacking a retirement plan and only 38 per cent correctly identifying when they can access their superannuation.
Senator Richard Dowling added, “A dignified retirement doesn’t begin at 65. It is built decision by decision over a working life, which is why financial capability matters at every age.”
Vanguard said the need to improve financial capability is becoming even more important as Australians increasingly rely on new technologies to access financial information.
“Technology can expand access to financial information, but it does not remove the need for financial capability, in fact it makes it even more urgent,” Mr Shrimski said.
“Australians need the skills and confidence to assess information critically, understand its limitations and make informed decisions based on their own circumstances.”
Senator Dowling added “Australians are surrounded by financial information. The challenge is knowing whether the source is informing you, selling to you or exploiting you.”
Senator Dowling said “AI can give you an answer in seconds. It can’t give you judgement. Financial capability is knowing the difference.”
Vanguard said meaningful progress would require a renewed national approach focused on three key areas: a national financial capability strategy, stronger financial education in schools and targeted public education initiatives that support Australians at key life stages.
“We need a national financial capability strategy with enduring, bipartisan support and clear accountability for outcomes,” Mr Shrimski said.
“We should also look seriously at how financial education is delivered in schools so young Australians build these skills early and consistently.”
“Importantly, Australians need access to trusted resources, research and public awareness campaigns throughout their lives, particularly at moments when financial decisions can have the greatest long-term impact, from starting work and buying a home through to preparing for and living in retirement.”
Mr Shrimski said improving financial capability would help more Australians participate confidently in the financial system and build greater long-term financial security.
“The launch of the Parliamentary Friends of Financial Capability is an important step towards ensuring more Australians have the knowledge, confidence and support they need, and we commend the Co-Chairs for getting this critical issue back on the table in Canberra.”
Senator Dowling commented “Financially capable Australians can participate in our prosperity, not just observe it. When people can save, invest and plan with confidence, households are stronger and so is the economy.”