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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Financial literacy needed to bridge wealth gap

By Cameron Micallef · October 15 2019

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Financial literacy needed to bridge wealth gap

By Cameron Micallef
October 15 2019

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Financial literacy needed to bridge wealth gap

By Cameron Micallef · October 15 2019

Reading:

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.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.