The Australian National Financial Capability Strategy 2022 recently completed a survey to assess the post-pandemic financial environment.
Australians who are financially capable make financial decisions and engage in behaviours that are in their own best interests and that help them achieve a financially secure future.
Some of the major insights revealed:
- 17% of Australians are not very confident or not confident at all about their ability to hit a financial goal
- 94% of young Australians aged 14 to 17 either agreed or strongly agreed that it is important to learn how to manage their money
- 42% of young Australians aged 14 to 17 felt confident or very confident managing their money
- Many Australians approaching retirement age do not have a financial retirement plan
- Young Australians and women did not perform as well on average on financial literacy
- Older Australians are not as comfortable learning to use online financial technology as younger Australians
Do these stats surprise you? What do you see as an opportunity for your business, or your company to positively impact the lives of others through financial literacy (especially those in the mortgage broker world)?
Survey conducted under Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy
Minister for Women’s Economic Security
