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The Australian Institute of Superannuation Trustees (AIST) welcomes today’s release of a review of the funding of financial counselling services, which recognises the valuable service provided by financial counsellors all around Australia.
The Review was commissioned by the Government in response to comments made by Commissioner Hayne in the final report of the Financial Services Royal Commission about the need for predictable and stable funding for financial counselling and community legal services.
Noting that many Australians lacked the financial literacy skills to navigate financial services, AIST CEO Eva Scheerlinck said the contribution of financial counsellors to improving financial outcomes for Australians had long been undervalued.
“Following the Financial Services Royal Commission, where many disingenuous financial services product providers were exposed for targeting vulnerable consumers, it is vital that the services of financial counsellors remain available and that their numbers grow along with community needs,” she said.
Ms Scheerlinck said the work of financial counsellors in helping improve outcomes for Indigenous Australians was particularly important.
“Having had the privilege working alongside financial counsellors in North East Arnhem Land a few months ago, it was clear to see how the community relied on their advice and support. Their guidance is sought across the full spectrum of financial services, including superannuation.”
Media contact: Janet de Silva 0448 000 499
04 October 2019