Australia has a relatively high level of financial literacy when ranked globally. In the 2014 Standard & Poor’s Ratings Services Global Financial Literacy Survey of a 140 economies, Australia, for example, ranked in the top 10 countries for financial literacy.1 Notwithstanding this favourable global performance there is widespread financial illiteracy within Australia, particularly amongst young people. There are also large and significant gender gaps with women, on average, less financially literate than men. Within Australia 63% of men and 48% of women demonstrate an understanding of at least three basic financial literacy concepts. If understanding three basic financial literacy concepts can be considered financially literate, then these statistics suggests that around 8.5 million (or 45%) adults in Australia are financially illiterate.
SOURCE: Alison Preston. “Financial Literacy in Australia: Insights from HILDA Data.” The University of Western Australia, March 2020.
ACKNOWLEDGEMENT OF COUNTRY
The Brotherhood of St Laurence acknowledges and recognises the Traditional Owners of the land upon which we live and work, and we pay our respects to their Elders both past and present.