The Financial Planning Association has called for improved consumer education about financial advice and inclusion in the national curriculum.
The Financial Planning Association (FPA), Australian Securities & Investments Commission (ASIC) and the Financial Ombudsman Service (FOS) hosted an educational workshop for advisers to combat issues addressed in the recently released ASIC Shadow Shop Survey, in Sydney today.
One of the issues raised in the workshop was the need to improve financial literacy.
"I believe that financial planning is matter of national importance and I think the government's got a role to play to ensure that financial planning in any way shape or form is on the national curriculum," said Mark Rantall, FPA chief executive.
"There is a big gap for needing financial planning when you're a 20 year old with your first job to manage transition into retirement.
"The concept of financial literacy is being addressed by other nations such as Thailand where they have made sure financial planning and education is on the school curriculum."
Rantall said he thinks it's important and that we need to get to that stage, adding that financial planners also have got a big role to play in the continuing education of consumers.
"We as organisations need to participate in trying to raise the financial literacy of consumers," said Alison Maynard, ombudsman, investments, life insurance & superannuation, Financial Ombudsman Service.
Approximately 260 practicing financial planners, along with licensees and compliance, legal and training professionals attended the workshop.