ASIC’s Money Smart is a website with information to improve people’s financial literacy. It was created by ASIC in 2011. It has heaps of helpful info, tools and resources. Here’s my full review..
The Good
- Because the information on Money Smart comes from the government, you can be sure that it is accurate.
- The Money Smart website has information about a lot of different financial topics
- The articles are clear and easy to read and tell you how long it will take to read them
- Moneysmart is active on social media
- Provides tips and guidance on what to do after natural disasters
- Several free tools and resources available on the site
- The info on Money Smart can help to improve your financial situation
The Bad
- Money Smart is not meant for experts, as it helps you to become financially literate. The information that they give might be too basic for some people.
- Because it is a government website, all of their advice is quite conservative
- Unlike other websites, there aren’t many external links to outside websites.
Verdict: ASIC’s Money Smart website is a great website with heaps of helpful info to improve financial literacy. Tools and resources are invaluable too.
The Australian Government is concerned about the lack of financial literacy of many Australian people. The project of improving financial literacy was given to ASIC and in 2011, it launched a website with many useful topics related to finance. As well as reading many informative articles on this website, you can also search for unclaimed money, make budgets, and learn more about investing and superannuation. There are also resources to help teachers with lesson planning about financial literacy.
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Who are ASIC?
ASIC (Australian Securities and Investments Commission) is an independent body which regulates Australia’s corporate, markets, and financial services. It also regulates consumer credit. You can read more about ASIC and what it does here.
What is ASIC’s Money Smart?
Money Smart is a website created by ASIC in order to help people to manage their finances better. It contains a lot of information that can help you to become financially literate. It also has resources for teachers.
Is ASIC’s MoneySmart website a government site?
Money Smart has been created by ASIC which is an independent commission created by the Australian Government. ASIC charges fees for its services, so it is not directly funded by the government.
Who is Money Smart for?
The University of Newcastle has published research that says more than a third of Australians are not financially literate. In particular, young people and women seem to have lower levels of financial literacy. For more information about the importance of financial literacy read this article on the University of Newcastle site. Money Smart is for ordinary people who need help with their finances, or who want to improve their financial lives. It has lots of useful information for people. When you go to the website, you will find the following pages:
- Manage your money
- Reduce your debt
- Plan for your future
- Grow your wealth
- Use tools and resources
- Find teaching resources.
When was it established?
ASIC was given the project of improving financial literacy for Australians in 2008. Before that, it was the responsibility of the Australian Government National Financial Literacy Strategy. In 2011, ASIC launched the Money Smart website which replaced the Understanding Money and the Financial Information Delivered Online websites.
What kind of information can be found on Money Smart?
There is a lot of information about money and banking. It is quite useful if you want to learn more about superannuation and retirement insurance. Do you know whether you are financially literate? Read this article on The Conversation: Are you financially literate? Here are 7 signs you’re on the right track.
“We help Australians take control of their money with free tools, tips and guidance.”
moneysmart.gov.au/about-us
What tools and resources are on Money Smart?
In the Tools and Resources section of Money Smart, you have access to a number of useful resources including a monthly eNewsletter, as well as several online tools.
The budget planner is easy to use. All you need to do is add your income and any of your expenses. The most common expenses are already in the planner, but you can also add any extra expenses that you have. There are time periods from weekly to yearly. It is possible to have more than one budget, so for me, a monthly and a yearly budget is the way to go.
There is also information about how to find a financial advisor. As well as advisors, Money Smart has suggestions about financial counselling. For more information, read Financial Advisers, Planners and Counsellors – What’s the Difference?
The superannuation calculator looks very useful if you are wondering about your retirement. You add your superannuation balance and employer contributions. If you make your own contributions, you should add this information as well. Once you’ve added all of your information, you will get an estimate of your superannuation balance on retirement. This can help you make plans for your retirement future.
You can also sign up for a free monthly eNewsletter. You just need to give them your email address. They make it quite easy for you to unsubscribe too. That information is also on the same page. They also tell you what to do if you change your email address.
You can read old copies of the newsletter which go back 6 months. It might be worth reading one to decide if it is useful to you.
What is Money Smart for Teachers?
Money Smart for Teachers has lots of lesson plans in financial literacy for all school ages. Children can do lessons about topics such as coins while for older students, there are lessons on important subjects like compound interest and how to spot a scam. It also has information for teachers who want to make their own lesson plans.
Is there a Money Smart App?
There is no Money Smart App, but the website just has information so you can easily access it through the internet on your phone.
Can you find unclaimed money with ASIC’s MoneySmart? How?
The Money Smart website claims that around $1.5 billion has been lost in forgotten bank accounts and life insurance. If you don’t use your bank account for 7 years, it becomes unclaimed. With your bank account, the bank will still pay interest on the amount in the bank even if you have stopped using it, so it is worth doing a check. With life insurance, if the policy has matured and you don’t claim it, after 7 years it will become unclaimed also. Some people also lose track of shares they have bought and these can be found on the Money Smart website too.
You can do a search on the website by typing in your name or the OTN, or Original Transaction Number. I tried a search with my full name as shown in my passport and unfortunately, the website was very quick to find that I haven’t any unclaimed money.
There are other types of money that you might have lost and The Money Smart website suggests searching for lost superannuation with the ATO, searching State government websites for other types of lost money, such as dividends and overpayments. It also recommends making sure that your bank account details are up to date so you get any Medicare benefits that you are entitled to.
Advantages of using the MoneySmart website?
- Because the information on Money Smart comes from the government, you can be sure that it is accurate.
- The Money Smart website has information about a lot of different financial topics and it is easy to find it through the search function.
- The articles are clear and easy to read and tell you how long it will take to read them, so you know they won’t be too long.
- Moneysmart is active on social media, so you don’t have to go to the website to get your information. You can follow them on Facebook, Twitter, Youtube, and Instagram.
- Provides tips and guidance on what to do after natural disasters
- Several free tools and resources available on the site
- The info on Money Smart can help to improve your financial situation
“One in three Australians find dealing with money stressful and overwhelming. Everyday we all make dozens of decisions about money. Making informed decisions leads to greater financial wellbeing. That’s where we come in.”
moneysmart.gov.au/about-us
Disadvantages of using the MoneySmart website?
- Money Smart is not meant for experts, as it helps you to become financially literate. The information that they give might be too basic for some people.
- Because it is a government website, all of their advice is quite conservative and, to be honest, a little boring in parts. For example, their budget planner is great, but nowhere near as much fun as a budget binder.
- Unlike other websites, there aren’t many external links to outside websites. I like to get my information from a variety of sources, but Money Smart does not help with this much.
Conclusion
For people who don’t know much about financial matters, the Money Smart website is a good place to start to help you make more informed financial decisions. It has a lot of articles about a variety of financial topics as well as an eNewsletter. The website was made by ASIC and you can be sure that the information on this website is correct. It also has resources for teachers. The website can help you with budgeting and other kinds of financial planning and if you think you may have lost track of a bank account or an insurance policy, then Money Smart can help you with that too.
Ultimately, you can build a better life if you have basic financial literacy and control over your general financial situation.
Captain FI is a Retired Pilot who lives in Adelaide, South Australia. He is passionate about Financial Independence and writes about Personal Finance and his journey to reach FI at 29, allowing him to retire at 30.
