Young Aussies lack financial confidence

According to new research from Westpac, almost three-quarters of young Australians worry they are making poor financial choices.

At the same time, over half feel ill-equipped to understand critical financial matters such as tax returns, superannuation and loans.

These findings come from Westpac’s 2018 Financial Literacy Study and show the degree to which young Australians worry about their own financial literacy.

However, the study also showed that the majority (81 per cent) of Aussies aged 15-20 are eager to learn how to manage their finances and make sound economic decisions.

The Westpac study also found that young Australians aren’t the only ones worried about their financial futures.

Research showed that 74 per cent of parents fear their children don’t have enough financial knowledge to make sound economic choices as they transition into life after school, and over half of parents do not feel very confident answering when their children ask for financial advice.

To help ease the pressure of financial decision-making and increase financial literacy in young Australians, Westpac has teamed up with Year13 – an online platform for school leavers – to help adolescent Aussies improve their financial literacy.

The program, called ‘FinLit,’ contains free online resources that will help young Australians navigate their financial future as they leave school. Users can access educational content about moving out of home or how to save money effectively, and a quiz will help gauge their learning and determine gaps in their knowledge.

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