Banks aim to educate customers
The Australian Bankers' Association has launched a booklet aimed at increasing financial literacy. The booklet, “Smarter Banking – Make the Most of Your Money”, covers topics such as savings accounts, how to make complaints and fees information. It's available from the ABA website and will also be distributed via Centrelink and financial counsellors. However, it won't be available in banks until early in 2004. The brochure was published in response to an ANZ survey in May which showed a large percentage of the population did not understand financial jargon, particularly those on lower incomes, the elderly and young people.