Financial Literacy Australia

Financial Literacy Australia

The Faculty of Business and Economics is pleased to announce the successful outcomes of three of the four Financial Literacy Australia grant applications.

Financial Literacy Australia Limited (FLA) is a not-for-profit organisation founded in 2012 by members of the government’s Financial Literacy Board. Its mission is to advance financial literacy in Australia.

Do older Australians make optimal payment decisions when entering residential aged care? A survey and assessment

The project will seek to survey residents, family or carers to collect information on payment decisions as they enter residential aged care. This information will be used to model their optimal payment decision from an income and wealth perspective, compare their optimal payment decision to their actual payment decision, and estimate those factors that impact differences between actual and optimal payment decisions.

Dr Henry Cutler, Macquarie University Centre for Health Economy

Funding awarded: $238,646

The nexus between Retirement Villages and Aged Care

This project investigates the risks for retirement village residents associated with exit from the retirement village and transfer to other accommodation, particularly an aged care facility. The project will allow consumers, their families and advisors to be aware of these risks when choosing between the various retirement village units and contracts that may be available.

Associate Professor Tim Kyng, Department of Actuarial Studies and Business Analytics

Funding awarded: $90,000

AntiPort - Educating the public on the risks and prevention of mobile number porting scams

Almost all mobile phone users - of all ages - are vulnerable to theft and financial fraud arising from mobile phone porting. This project will develop a website, a mobile phone application and an educational video to limit losses to consumers, to help protect their identities, and retain control of their bank accounts and other financial assets. Consumers will be educated about identity theft and mobile phone porting scams, the steps to minimise risks, and if they do fall victim, how to recover quickly by limiting the time and money lost in the fallout.

Professor Stefan Trueck (Department of Actuarial Studies and Business Analytics), Dr John Selby (Department of Accounting and Corporate Governance), A/Prof Christophe Doche and Martin Boyd (Department of Computing, Faculty of Science and Engineering)

Funding awarded: $120,000 with additional contribution from the Optus Macquarie University Cyber Security Hub of $30,000

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