During the past few decades, several factors have led to the need to create financial services markets in Australia with requirements for consumers to have more knowledge about managing their finances in an effective way. In more recent years, mortgage and consumer credit debt in the country have raised to record highs. The cause behind this is the fact that low levels of emergency funds are coupling with high debts, exposing many families to adverse and seemingly irreversible negative financial situations. The level of debt repayment issues, criminal behavior, and bankruptcy has cause the seeking out of criminal defense lawyers who are well-versed in law to step in.
Other countries that are part of the Organization for Economic Cooperation and Development (OECD) are also showing a need to increase the understanding of financial literacy. In 2005, the Australian Law Reform Commission generated a report titled ?Seen and Heard.? It uncovered the fact that young people are ignorant to a wide variety of consumer services. The overall understanding of literacy and the law in Australian government is at least basic across all ages and socioeconomic backgrounds, but those with the most significant disadvantage in making wise financial decisions are those who are young and those coming from low socioeconomic backgrounds.
The obvious connection between literacy and the law in Australian government is made even more clear when you realize how many organizations, commissions, and committees there are that specialize in assisting Australian residents in their financial literacy education. The Consumer and Financial Literacy Taskforce assessed the level of stock take by public, private and community sector bodies. While there was no shortage of information from the consumers, a large proportion of it was not known to the consumer, not properly targeted, or not even used by them. Therefore, there is now a call for the Australian stakeholders to improve financial literacy levels of the public, especially among those who are at a greater risk for having limited financial literacy.
Apart from formal education of financial literacy in schools, many informal ways of learning how to manage money can be found when consumers look to outside sources. Research conducted on the internet, educational television, newspapers, and magazines are all sources that people can use to teach themselves financial literacy. These sources continue to show the connection between literacy and the law in Australian government, as it ensures these sources are available to those who want to learn from them.