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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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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
