A lack of financial acumen places significant limits on career progression for staff and managers across the public sector.
The acquisition of financial acumen hinges on the combination of many factors, including on-the- job experience and continuous learning. Whilst such learning may begin with a university degree, research shows that training addressing specific training needs is more effective. Context matters: the ability to understand and decipher the interplay between numbers, people, process and technology on an agency-wide dimension and scale is critical.
Research demonstrates that there is an increasing link between financial skills and public sector service delivery. Indeed, the strengthening of core financial literacy concepts and metrics and streamlining processes such as budgeting, forecasting and reporting are critical to other agency functions, and are fundamental to the formation and execution of an agency’s strategy.