Australian Securities and Investments Commission (ASIC) Commissioner Alan Kirkland (pictured right) called for collaboration across sectors to achieve a fairer financial system at the recent National Financial Wellbeing Summit 2025 in Sydney.
“We know that Moneysmart [ASIC's platform] does its best work as part of a network of individuals and organisations who share the same goal: a financial system where consumers are treated fairly, and where they are equipped with the knowledge that they need to assert their rights,” he said.
The event, hosted in Sydney by Ecstra, focused on collaborative strategies to respond to current economic pressures, including rising living costs, digital transformation, and persistent inequality. Participants examined a range of approaches to support Australians at various life stages, discussed policy interventions to reduce financial exclusion, and explored how financial wellbeing intersects with other aspects of health and community life. The summit also highlighted the importance of improving access to financial education and reliable resources, as well as sharing insights from innovative programs operating in schools and communities.
Speaking to an audience of leaders from government, business, community organisations, education, and academia, Kirkland outlined ASIC’s statutory role in promoting both confidence and knowledge among consumers. “Enabling the financial wellbeing of Australians is really core to what ASIC does and has been for close to 25 years,” Kirkland said.
Kirkland added: “That requires not only that we work alongside organisations like those in the room today to build the financial knowledge and capability of all Australians, but it also requires that we make it easy for them to find the information and tools that they require to confidently navigate the financial system at key life stages when they are considering important financial decisions.”
Kirkland noted that consumers often face a disadvantage when engaging with financial products and services, as they typically possess less information than financial institutions or advisers.This information gap, he said, can lead to negative outcomes, such as excessive fees, high-cost leases, or unsuitable superannuation transfers. “These situations have real economic consequences for the people involved – whether that’s not having enough money to pay essential bills or losing their entire retirement savings,” Kirkland said.
He explained that ASIC’s approach to consumer protection includes not only building financial literacy but also enforcing strong consumer protection laws. “Financial literacy and education need to be complemented by strong consumer protection laws that encourage firms to do the right thing by their customers. Both are important parts of the consumer protection system,” Kirkland said.
Kirkland described how the Moneysmart platform is being used to bridge the knowledge gap for consumers. The platform delivers targeted campaigns, such as those raising awareness about financial hardship assistance and warning about high-risk superannuation switching. Moneysmart’s investor alert list is also updated regularly to help disrupt investment scams.
The commissioner announced that Moneysmart is undergoing a significant refresh, supported by new research and funding.
Recent findings show that only 26% of Australians over 18 consider themselves highly knowledgeable about financial matters, while 75% want to improve their understanding. Despite attracting 11.7 million visitors in the last financial year, only a small percentage of Australians can recall Moneysmart unprompted, although most report a positive experience when they do use it.
ASIC’s new three-year strategy for Moneysmart includes updates to its digital presence and resources, with a particular focus on retirement planning. Recent enhancements include a revised retirement calculator and the upcoming launch of a retirement hub to provide practical information for those preparing for retirement.
