Australians lack financial literacy, survey says

Australians lack financial literacy, according to a new survey conducted by Mortgage Choice, in partnership with Core Data. They asked more than 1,000 Australians to find out what the Great Australian Dream is. The result was published as a part of their annual whitepaper entitled The Evolving Great Australian Dream.

Out of the 1,043 Australians surveyed, only 39.4% thought they had a solid financial knowledge. More than half (51.3%) said they had average financial knowledge and 9.2% had poor ratings.

Even John Flavell, Mortgage Choice CEO, was surprised by the results. This only means that more people need financial education. Financial literacy doesn’t begin and end in school. In fact, people of any age should engage in different ways that can enhance their financial knowledge.

We are living in a digital age nowadays and that means we have access to information and resources more than ever. The Australian Securities and Investments Commission (ASIC) has a MoneySmart website that offers free information on different financial topics such as investing, borrowing, credit, retirement, and superannuation.

The resources are out there for anyone who wishes to improve financial literacy. Having a strong knowledge of finances empowers our decision making and makes us confident on our capability to earn, save, and grow our money. Knowing how to manage our money is one of the best life skills that we can use until we grow old. Thus, it is important to set aside time to constantly learn and enhance our financial knowledge.

Although new technology and advancements make it hard for Australians to stay up to date with financial markets, financial advisors are always here to help you keep up. If you are really serious in making better financial decisions, a financial advisor can help you understand your options and create strategies to achieve your goals.

It is never too late to start learning and building your dreams. For more information on how to get started, call 02 9003 0611 to talk to one of our financial advisors.

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