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The Financial Basics Foundation has raised concerns over the impact of increasingly sophisticated digital marketing tactics on young consumers during Financial Literacy Month, highlighting the need for stronger financial education to counter the influence of online retailers like Shein and Temu.

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The not-for-profit organisation is urging schools, parents and young people to build awareness of how retailers use gamification, influencer marketing and hyper-personalised online experiences to encourage excessive spending among young Australians.

Katrina Samios, CEO of Financial Basics Foundation, said that financial literacy must evolve to address the modern pressures young people face online.

“Financial literacy isn’t just about saving, investing and interest rates,” Ms Samios said.

“It’s about being able to recognise value, making informed financial decisions and resisting the draw of manipulative marketing campaigns.”

“Retailers use sophisticated digital tactics to create a sense of urgency and drive impulse spending, often targeting young consumers who may not fully understand the long-term financial impact of their purchases.”

Recent data from Roy Morgan showed that Temu and Shein have more than 2 million monthly users in Australia, generating over $8 billion in annual sales. Gen Z consumers make up 15 per cent of Temu users and 23 per cent of Shein’s customer base.

These shoppers are drawn to discounts, social media recommendations and highly tailored suggestions, according to research by NIQ. Most users are repeat customers, with 40 per cent making four or more purchases in 12 months.

The foundation warned that e-commerce platforms are increasingly deploying gamified features—such as prize wheels, countdown deals and progress bars—to drive purchases. These features are designed to limit decision-making time and increase emotional responses, making it harder for young consumers to stick to budgets.

Social media platforms also play a key role in shaping shopping behaviour, with influencer-driven ‘hauls’ and trend-focused content encouraging fast fashion consumption and over-purchasing.

“E-commerce platforms are becoming increasingly sophisticated in how they lure young consumers, often using tactics that encourage impulse spending, making it easy to lose track of financial limits,” Ms Samios said.

To combat these challenges, the foundation is promoting its Financial Rules of Thumb—a free online resource designed to help young people understand marketing tactics, practice conscious spending, and build better financial habits.

“At Financial Basics Foundation we aim to empower young people with the life skills to think critically about marketing tactics and make informed spending choices,” Ms Samios said.

“By developing financial capability throughout their formative years, young people build strong financial habits that help set them up for a more secure financial future.”

The foundation’s resources are used in over 2,000 high schools across Australia, with more than 30,000 students engaging annually with its ESSI Money simulation game, which teaches core skills in earning, saving, and spending.

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The Financial Basics Foundation has raised concerns over the impact of increasingly sophisticated digital marketing tactics on young consumers during Financial Literacy Month, highlighting the need for stronger financial education to counter the influence of online retailers like Shein and Temu.

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ANZ is urging customers and the broader community to remain vigilant against scammers impersonating trusted organisations in the wake of Ex-Tropical Cyclone Alfred.

" ["fulltext"]=> string(3054) "

Scammers are known to exploit crises by posing as banks, insurance providers, charities, or disaster relief services to deceive individuals into revealing personal information or making fraudulent payments.

ANZ Head of Customer Protection, Shaq Johnson, warned that fraudsters often disguise themselves as recovery support services to manipulate those affected.

“Scammers can disguise themselves as recovery support, manipulating those affected by the crisis into sharing sensitive information or making fraudulent payments under false pretenses,” he said.

“Staying vigilant and taking simple precautions can help safeguard your recovery journey and prevent further setbacks during an already challenging time. Since scammers thrive on urgency and uncertainty, a thoughtful pause can be your strongest defence against fraudulent activity.”

How to spot a scam

ANZ advises customers to be cautious of unexpected requests for personal details and provides the following guidance:
- Verify the source – Be wary of calls, emails, or messages claiming to be from a bank or insurance company requesting urgent payments or unusual account activity. Confirm legitimacy by using official contact details from the organisation’s website.
- Think before you click – Legitimate organisations will never request personal information via a link in an email or text message.
- Be cautious of fake charity appeals – Always verify the authenticity of charity requests by checking their registration with the Australian Charities and Not-for-profits Commission (ACNC).
- Check for errors – Scams often contain poor grammar, spelling mistakes, or unnatural phrasing.

ANZ scam prevention measures

ANZ reminds customers that it will never:
- Request online banking passwords, PINs, ANZ Shield codes, or one-time passcodes.
- Ask customers to click on a link to log in or enter sensitive details.
- Request remote access to devices.
- Instruct customers to transfer funds to another account to keep them safe.
- Invite customers to join an online chat for security verification.

Reporting scams and seeking assistance

ANZ’s customer protection teams operate 24/7 to monitor scam activity. Customers who believe they may have been targeted should contact ANZ immediately at 13 33 50 or visit www.anz.com.au/security/report-fraud.

Further information on scam prevention is available at www.anz.com.au/security.

ANZ relief package for cyclone-affected customers

On 5 March 2025, ANZ activated a relief package for customers impacted by Ex-Tropical Cyclone Alfred. Customers experiencing financial hardship are encouraged to contact ANZ early for assistance. Those with ANZ Home and Contents Insurance may also be eligible for emergency support.

 

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• Yes

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ANZ is urging customers and the broader community to remain vigilant against scammers impersonating trusted organisations in the wake of Ex-Tropical Cyclone Alfred.

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Financial stress levels in Australia have hit their highest point in 10 years, according to AMP's latest Financial Wellness report.

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The biennial research revealed that only one in three working Australians feel financially secure, down from half during the pandemic in 2020.

AMP Bank Group Executive Sean O'Malley said the results were not surprising given current economic pressures.

"It's clear more Australians aren't feeling secure with their finances, not surprising given cost of living pressures and housing unaffordability challenges," Mr O'Malley said.

The report found that one in three Australians have cancelled streaming subscriptions and gym memberships due to financial pressures.

More Australians are turning to family, friends and social media for important financial decisions, with only one in nine consulting their super fund and one in 20 seeking help from a financial adviser.

AMP Group Executive for Super and Investments Melinda Howes noted that short-term financial demands are impacting longer-term planning.

"What's also apparent from the research is that with a focus on paying the bills and keeping their heads above water, more Australians are understandably planning and thinking less about their longer-term financial goals," Ms Howes said.

The research also revealed that Australians approaching retirement age have the highest levels of stress of any age group surveyed, with almost two in five being moderately to severely stressed.

A sharp rise in stress was noted for those earning between $100,000 and $150,000, with nearly one in four in this income bracket reporting severe or moderate financial stress.

The report found that close to one in three financially stressed Australians have financial secrets they have not shared with anyone else.

To address these issues, AMP suggested speaking to a Super Coach, checking home loan rates, seeking assistance when needed, and utilising available resources such as podcasts and online tools.

The research was conducted in July 2024, surveying 2,475 Australians aged 18 years and over about their attitudes to financial stress and levels of financial wellbeing.

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Financial stress levels in Australia have hit their highest point in 10 years, according to AMP's latest Financial Wellness report.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(91) "/save-money/financial-stress-among-working-australians-reaches-decade-high-amp-report-finds" ["image"]=> string(113) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1728392746/pexels-andrew-3132388_ksgfag.jpg" ["image_alt"]=> string(80) "Financial stress among working Australians reaches decade high, AMP report finds" } [3]=> object(stdClass)#8385 (57) { ["id"]=> int(18611) ["title"]=> string(74) "The psychology behind saving: Understanding and overcoming common barriers" ["alias"]=> string(73) "the-psychology-behind-saving-understanding-and-overcoming-common-barriers" ["introtext"]=> string(152) "

Saving money is a fundamental aspect of financial security, yet many people find it difficult to set aside a portion of their income regularly.

" ["fulltext"]=> string(3937) "

Understanding the psychological barriers to saving can help you develop strategies to overcome these challenges and improve your financial well-being. This article explores the common psychological obstacles to saving money and provides tips on how to address them.

Immediate gratification vs. long-term rewards

One of the most significant psychological barriers to saving is the preference for immediate gratification—choosing smaller, immediate rewards over larger benefits in the future. This preference can lead to impulsive spending, making it hard to save money.

Strategies to overcome:

- Set clear goals: Having specific, achievable goals can make the rewards of saving feel more immediate and tangible.
- Automate savings: Set up automatic transfers to your savings account to ensure you save before you have the chance to spend.

Loss Aversion

People often perceive saving as losing access to their money, which can be unappealing. This feeling is rooted in loss aversion, a psychological principle where the pain of losing is more impactful than the pleasure of gaining.

Strategies to overcome:

- Reframe your perspective: View saving not as losing money but as investing in your future security and well-being.
- Start small: Begin by saving small amounts to reduce the feeling of loss and gradually increase as you become more comfortable.

Overwhelm from financial complexity

The complexity of financial products and the stress of budgeting can deter people from saving. When saving feels complicated, it's easier to avoid it altogether.

Strategies to overcome:

- Simplify your finances: Use simple saving tools and accounts that are easy to manage.
- Educate yourself: Increase your financial literacy to reduce the intimidation factor of financial decisions.

Social influences

Peer pressure and societal standards can significantly impact spending habits. The desire to keep up with others can lead to excessive spending, leaving little room for savings.

Strategies to overcome:

- Set personal spending limits: Establish your own spending rules that align with your financial goals rather than societal expectations.
- Be mindful of social media: Reduce exposure to social media influences that encourage spending.

Lack of financial goals

Without specific financial objectives, saving can seem unnecessary or irrelevant. Setting goals provides motivation and a clear reason to save.

Strategies to overcome:

- Define clear objectives: Identify what you are saving for, whether it's retirement, a vacation, or an emergency fund.
- Visualize your goals: Create visual reminders of your goals to keep them at the forefront of your mind and reinforce the importance of saving.

Emotional spending

Many people use spending as a way to cope with emotional distress or to boost mood temporarily. This habit can sabotage saving efforts by depleting funds that could otherwise be saved.

Strategies to overcome:

- Identify triggers: Recognize situations or emotions that prompt you to spend impulsively.
- Find alternative coping strategies: Develop healthier ways to deal with emotions, such as exercising, talking to a friend, or practicing mindfulness.

---

Understanding the psychology behind saving is the first step toward developing healthier financial habits. By recognizing and addressing the psychological barriers that impede saving, you can implement effective strategies to enhance your ability to save and, ultimately, improve your financial stability.

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Saving money is a fundamental aspect of financial security, yet many people find it difficult to set aside a portion of their income regularly.

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Teaching children about money is a crucial aspect of preparing them for financial independence and responsible adulthood. In Australia, equipping kids with the skills to save and understand money management from a young age can set the foundation for a lifetime of wise financial decisions. This article offers practical strategies to foster saving habits and enhance financial literacy among children.

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1. Start with the basics

Begin by introducing basic concepts such as identifying different coins and notes, understanding what money is used for, and the basics of earning, spending, and saving. Simple activities like playing shop or using a toy cash register can make learning about money fun and relatable for younger children.

2. Open a savings account

Encourage your child to open their own savings account. Many Australian banks offer children's accounts with no fees and provide the opportunity for kids to watch their money grow. This not only teaches them about the importance of saving but also introduces them to the concept of interest.

3. Set saving goals

Help children set achievable saving goals. Whether it’s saving for a new toy, a book, or a special outing, having a tangible goal can motivate them to save consistently. Discuss what they want to save for, how much it costs, and how they can achieve their goal through regular contributions.

4. Use clear jars for saving

For younger children, visual aids can be very effective. Using clear jars to save money can help them see their savings grow over time. Label the jars with specific goals or spending categories like "savings," "spending," and "sharing" to teach the different purposes money can have.

5. Teach budgeting basics

Introduce basic budgeting by involving kids in financial decisions. This could be planning a small family event, shopping for groceries, or choosing how to spend money on a holiday. Teach them to compare prices and understand the trade-offs that come with financial choices.

6. Incorporate financial literacy in everyday activities

Use everyday activities as opportunities to discuss money. This could include discussing bills such as electricity or the internet to explain how money is used in the household, or planning a family outing within a certain budget.

7. Lead by example

Children learn a lot by observation. Be a good financial role model by discussing your own savings goals and budgeting choices openly with your children. Show them how you save and spend responsibly.

8. Encourage earning

As children get older, introduce the concept of earning money through chores or small jobs for neighbors or family. This teaches them the value of money and hard work, and the satisfaction of earning and saving towards their own goals.

9. Use books and games

There are many books and games designed to teach children about money and finance. Games like Monopoly or online apps designed for financial education can make learning about money management engaging and interactive.

10. Regular discussions

Regularly talk to your children about money. Discuss their progress towards saving goals, any new financial concepts they've learned, and encourage questions about money and finance.

---

Teaching children about money management and saving is an investment in their future financial well-being. By employing these strategies, you can help cultivate a generation of financially literate and responsible adults.

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Teaching children about money is a crucial aspect of preparing them for financial independence and responsible adulthood. In Australia, equipping kids with the skills to save and understand money management from a young age can set the foundation for a lifetime of wise financial decisions. This article offers practical strategies to foster saving habits and enhance financial literacy among children.

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Inflation is an economic phenomenon that erodes the purchasing power of money over time, directly impacting the real value of your savings. In Australia, as in many parts of the world, periodic rises in inflation can diminish the value of money saved, posing challenges for individuals looking to preserve or grow their wealth. This article explores the impact of inflation on savings and outlines strategic ways to protect your finances against it.

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1. Understand the impact of inflation

Inflation increases the cost of goods and services over time, which means that the money you save today will buy less in the future if the savings do not grow at or above the rate of inflation. For savers, this is particularly concerning as it can significantly reduce the real value of their money saved for future goals like retirement or major purchases.

2. Diversify your investments

One of the most effective strategies to counter inflation is to diversify your investment portfolio. Instead of keeping all your money in low-interest savings accounts, consider a mix of assets including stocks, bonds, real estate, and commodities. Stocks, for instance, often offer returns that outpace inflation over the long term. Real estate can also serve as a good hedge against inflation, as property values and rents typically increase with inflation.

3. Consider inflation-protected securities

In Australia, consider investing in inflation-linked bonds, which are designed to protect investors from inflation. The principal value of these bonds increases with inflation, and they pay interest over this adjusted principal, thus providing a shield against inflationary pressures.

4. Increase your savings rate

If inflation is high, simply saving more can be an effective way to combat its effects. By increasing the amount you save, you can help ensure that your total savings continue to grow despite the erosive effects of inflation.

5. Review and adjust regularly

Inflation rates and economic conditions change, so it’s vital to review your savings and investment strategies regularly. Adjustments may be necessary to ensure your investment choices are still appropriate to meet your financial goals and to cope with the current rate of inflation.

6. Opt for high-interest savings accounts

While typical savings accounts often offer interest rates below inflation, seeking out the highest available interest rates can help mitigate some of the impacts of inflation. Online banks and financial institutions sometimes offer higher rates, which might be worth considering.

7. Build a cash buffer

Maintain a cash buffer to manage through times when inflation spikes unexpectedly. This ensures that you won’t need to withdraw from investments at an inopportune time, which could be during a market low impacted by the same inflationary pressures.

8. Get professional advice

Navigating the complexities of inflation and its impact on savings can be challenging. Consulting with a financial advisor can provide tailored advice and strategies based on your personal financial situation and goals.

By adopting these strategies, you can better protect your savings from inflation in Australia, ensuring that your financial goals remain achievable even in the face of rising prices. Active management and a proactive approach to personal finance are key to maintaining the value of your savings against the backdrop of an ever-changing economic landscape.

---

Inflation is an unavoidable part of economic life, but by staying informed and proactive, you can safeguard your savings and continue to work towards your financial goals without losing ground to inflation.

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• Yes

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Inflation is an economic phenomenon that erodes the purchasing power of money over time, directly impacting the real value of your savings. In Australia, as in many parts of the world, periodic rises in inflation can diminish the value of money saved, posing challenges for individuals looking to preserve or grow their wealth. This article explores the impact of inflation on savings and outlines strategic ways to protect your finances against it.

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string(0) "" } [4]=> object(stdClass)#9239 (33) { ["id"]=> int(4) ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> int(2351) ["ordering"]=> int(1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#9147 (3) { ["data":protected]=> object(stdClass)#9182 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#9157 (3) { ["data":protected]=> object(stdClass)#9198 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" 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"Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#9242 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#9215 (3) { ["data":protected]=> object(stdClass)#9220 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#9217 (3) { ["data":protected]=> object(stdClass)#9222 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(79) "/save-money/savings-account/protecting-your-savings-from-inflation-in-australia" ["image"]=> string(126) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1715632114/pexels-energepic-com-27411-2988232_fsnr3e.jpg" ["image_alt"]=> string(51) "Protecting your savings from inflation in Australia" } }