Lending newcomer Yellow Brick Road has urged the government to teach financial literacy in schools.
In a submission to the Financial System Inquiry the wealth group urged the federal government to add financial literacy to the national curriculum in order to produce a fairer, more competitive financial system.
In the submission Yellow Brick Road said an informed and educated population is crucial to the operation of a good financial system.
“If we expect Australians to build sufficient wealth to retire comfortably in their own home then we have to ensure that people know how to make the right decisions to get them there,” they said.
“Financial literacy skills and the ability to access affordable financial advice are critical to assisting people to navigate these big decisions skilfully.”
The decisions refer to major financial activities such as mortgages, insurance and superannuation.
Major bank ANZ also backed the recommendation in their submission to the inquiry.
“The inquiry should endorse the importance of improving financial literacy as a means to equip people to make better choices themselves, and as a complementary and worthwhile approach to consumer protection regulation,” they said.