Most read
Bitcoin price jumps, but how high can it go?...
Bitcoin price jumps, but how high can it go?...
Latest Podcast
Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...
Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...
Resources
There is $17.5 billion in lost and unclaimed super across ...
There is $17.5 billion in lost and unclaimed super across ...
Save
Financial literacy needed to bridge wealth gap
Australia has the fourth-largest divide between its richest and poorest regions across a study of 22 developed nations.
Financial literacy needed to bridge wealth gap
Australia has the fourth-largest divide between its richest and poorest regions across a study of 22 developed nations.
According to the International Monetary Fund (IMF), this divide is leading to poorer economic outcomes which has a direct correlation with health outcomes, including higher infant mortality rates and lower life expectancy.
In conjunction with the IMF, research from the First Nations Foundation has also shown Australians – including Indigenous Australians – living in remote areas were most vulnerable to those poorer economic outcomes.
First Nations Foundation CEO Amanda Young has expressed her belief that the only way to bridge the gap is through financial education.
“Indigenous people have been unable to learn and pass down basic financial literacy because it has only been since the 1970s that Indigenous people have been given legal permission to receive an income or own property,” Ms Young explained.
First Nations Foundation’s research has shown that nine out of 10 Indigenous people do not have financial security, while three in four Indigenous Australians are excluded from access to financial services such as superannuation, insurance and financial advice.
This has led to one in two Indigenous Australians experiencing severe financial stress.
“Trust in, and understanding of, financial institutions is low among Indigenous Australians, but real change can be achieved.
“It’s not good enough to have a tick-and-flick list you operate from your financial organisation in the city, assuming you are somehow reaching your regional customers, because we can confirm, you are not,” Ms Young continued.
The research also found that three-quarters of Indigenous people have had some difficulty getting help from financial services in the last 12 months.
It noted that more than half (53.1 per cent) of respondents indicated low to moderate levels of access to economic resources.
A further one in three respondents scored very low access levels.
Overall, more than 70 per cent of Indigenous respondents displayed low or moderate levels of financial knowledge and behaviours.
Learn more of Financial Literacy here.
About the author
About the author
How to budget
How to make a New Year budget (that sticks!)
Thinking of making a New Year budget? Here are some tips on how to create one that will stick throughout the year. ...Read more
How to budget
How to create a budget for the holiday season
The holiday season can be financially stressful. To make sure you enjoy this festive season, here’s our guide to creating a budget that you can stick with. ...Read more
How to budget
What is the 50/30/20 budget rule?
The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. ...Read more
How to budget
All I want or need for Christmas?
The lead-up to Christmas and the holiday period, while full of joy, can also have a significant impact on financial and holistic wellness. ...Read more
How to budget
How to build wealth despite lifestyle inflation
As your income has increased over time, you may have expected to have more cash flow and savings. What you may have found, however, is that the higher your income is, the more you’re spending. This ...Read more
How to budget
‘Tried and tested’: Why age-old money advice still rings true
Day-to-day life is in no way normal this year, but leaning on lessons from the past is a great way to better equip ourselves for months more of uncertainty, according to a financial planner. ...Read more
How to budget
5 ways to improve your finances this financial year
Australia may be firmly planted within a recession, but with the advent of a new financial year, there’s still plenty to be gained from a “new year, new me” approach when it comes to money. ...Read more
How to budget
Here’s how Gen Z is changing the finance game
Generation Zers – those born between 1995 and 2012 – are leading the way when it comes to money responsibility and a more flexible view of finance, according to new research. ...Read more
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now
The continued property boom, ethical investing and engaging with your super fund
Listen now
How to budget
How to make a New Year budget (that sticks!)
Thinking of making a New Year budget? Here are some tips on how to create one that will stick throughout the year. ...Read more
How to budget
How to create a budget for the holiday season
The holiday season can be financially stressful. To make sure you enjoy this festive season, here’s our guide to creating a budget that you can stick with. ...Read more
How to budget
What is the 50/30/20 budget rule?
The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. ...Read more
How to budget
All I want or need for Christmas?
The lead-up to Christmas and the holiday period, while full of joy, can also have a significant impact on financial and holistic wellness. ...Read more
How to budget
How to build wealth despite lifestyle inflation
As your income has increased over time, you may have expected to have more cash flow and savings. What you may have found, however, is that the higher your income is, the more you’re spending. This ...Read more
How to budget
‘Tried and tested’: Why age-old money advice still rings true
Day-to-day life is in no way normal this year, but leaning on lessons from the past is a great way to better equip ourselves for months more of uncertainty, according to a financial planner. ...Read more
How to budget
5 ways to improve your finances this financial year
Australia may be firmly planted within a recession, but with the advent of a new financial year, there’s still plenty to be gained from a “new year, new me” approach when it comes to money. ...Read more
How to budget
Here’s how Gen Z is changing the finance game
Generation Zers – those born between 1995 and 2012 – are leading the way when it comes to money responsibility and a more flexible view of finance, according to new research. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
