Invest
The importance of financial literacy
Improving financial literacy is key to helping Australians reach financial goals and achieve a more comfortable future, a financial institution has said.
The importance of financial literacy
Improving financial literacy is key to helping Australians reach financial goals and achieve a more comfortable future, a financial institution has said.
According to AMP, while financial literacy is no silver bullet, good financial literacy is associated with being more willing to address financial issues and getting finances in order.
This leads to better outcomes for consumers who are more actively engaged with their finances.
AMP’s chief client officer, Ant Dureau, said it is negative feelings about people’s finances that are stopping them from attempting to improve or gain financial literacy.
“We don’t like people to see how disorganised we are and we’re not prepared to get help until our knowledge of money and our finances are at least presentable,” Mr Dureau explained.
He said the financial world is only becoming more complex, with consumers struggling to know how much super they need, how much can they borrow and what type of insurance they need.
AMP’s findings reflect the recent study by comparison site Compare the Market that showed Aussies are failing at financial literacy, with an average score of 48 out of 100.
It considered that “there has been a marginal drop across financial capability and willingness; however, the average Australian remains reasonably capable in basic financial literacy and pretty motivated with their finances”.
But “when it comes to being financially sophisticated, the average Australian has fallen further in 2019”.
RELATED ARTICLES
About the author
About the author
Advice
Building a recession-proof investment portfolio
Economic downturns are inevitable, but a well-constructed investment portfolio can withstand market volatility and protect your financial future. Building a recession-proof investment portfolio ...Read more
Advice
Navigating the startup investment landscape in Australia: Risks and rewards
The Australian startup ecosystem is bustling with innovation, offering unique opportunities for investors to be part of the next big success story. Investing in startups not only fuels the growth of ...Read more
Advice
Study reveals the financial value of stay-at-home parents across the globe
A new index created by beikecelltherapy.com, a stem cell therapy expert, has quantified the time stay-at-home parents dedicate to their role and calculated the cost of outsourcing their tasks in 80 ...Read more
Advice
Securing success: Top real estate investment courses in Australia
Real estate investment in Australia offers a pathway to financial growth and stability, attracting both novice and seasoned investors. Read more
Advice
Navigating the path to citizenship: Real estate investment visa in Australia
Australia's robust economy, high standard of living, and vibrant culture make it an attractive destination for many seeking a new home. Read more
Advice
Email phishing attacks skyrocket due to ChatGPT's influence, experts warn
The rise of Generative AI technologies like ChatGPT has been met with a dramatic increase in cyber threats, particularly in the realm of email phishing attacks. Read more
Advice
Real estate investment for foreigners: A guide to investing in Australian property
Investing in Australian real estate presents a lucrative opportunity for foreign investors, offering a stable and growing market with potential for high returns. Read more
Advice
Smart investing: Using a real estate investment calculator for Australian properties
In the dynamic world of Australian real estate, making informed investment decisions is paramount. Read more
Advice
Building a recession-proof investment portfolio
Economic downturns are inevitable, but a well-constructed investment portfolio can withstand market volatility and protect your financial future. Building a recession-proof investment portfolio ...Read more
Advice
Navigating the startup investment landscape in Australia: Risks and rewards
The Australian startup ecosystem is bustling with innovation, offering unique opportunities for investors to be part of the next big success story. Investing in startups not only fuels the growth of ...Read more
Advice
Study reveals the financial value of stay-at-home parents across the globe
A new index created by beikecelltherapy.com, a stem cell therapy expert, has quantified the time stay-at-home parents dedicate to their role and calculated the cost of outsourcing their tasks in 80 ...Read more
Advice
Securing success: Top real estate investment courses in Australia
Real estate investment in Australia offers a pathway to financial growth and stability, attracting both novice and seasoned investors. Read more
Advice
Navigating the path to citizenship: Real estate investment visa in Australia
Australia's robust economy, high standard of living, and vibrant culture make it an attractive destination for many seeking a new home. Read more
Advice
Email phishing attacks skyrocket due to ChatGPT's influence, experts warn
The rise of Generative AI technologies like ChatGPT has been met with a dramatic increase in cyber threats, particularly in the realm of email phishing attacks. Read more
Advice
Real estate investment for foreigners: A guide to investing in Australian property
Investing in Australian real estate presents a lucrative opportunity for foreign investors, offering a stable and growing market with potential for high returns. Read more
Advice
Smart investing: Using a real estate investment calculator for Australian properties
In the dynamic world of Australian real estate, making informed investment decisions is paramount. Read more
