Aussie’s poor financial literacy ‘a drag on wealth and wellbeing’

The Household, Income, and Labour Dynamics in Australia (HILDA) survey has identified the decline in financial literacy as an ongoing problem for our country.

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This is entrenched in all ages and genders in Australia, with a key detail being that female financial literacy significantly lags behind males.

To discuss, HotCopper was joined by AMP Deputy Chief Economist, Diana Mousina.

Ms Mousina says financial literacy is “critical” because it helps people feel more confident about their situation; understanding how to manage your personal finances helps you to become wealthier, helps to make better financial decisions, and helps to save a bigger nest egg for an eventual retirement.

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