Young Aussies are falling through the cracks 💔

Did you know? A young person is not guaranteed to get critical financial education, at any point in their lives.

  • It is the technically complex, emotionally heavy and better-avoided topic that no one wants to (or can!) take responsibility for.

This equals = 👇

Psychological distress 🔻

According to a survey by ASIC's Moneysmart, over half of Australians (53%) reported that financial concerns were their primary source of stress, with a particular impact seen on young Australians and women​(ASIC Home | ASIC).

Lowered emergency resilience 🔻

Around one-third of Australiansdo not have enough savings to cover an emergency of $1,000. This highlights a lack of preparedness for financial crises among many Australians.

Financial Insecurity 🔻

Australia's National Financial Capability Study: This study found that Australians with lower levels of financial literacy are more likely to experience financial stress and rely on government assistance. The survey showed that 30% of Australians with low financial literacy were more likely to depend on social welfare compared to 15% of those with higher financial literacy.

Increased debt & debt stress 🔻

Financial stress is closely linked to negative mental health in Australia. 46% of people in debt report struggling with depression, anxiety, and stress, exacerbated by poor financial management.

Approximately 21% of Australians experience high levels of financial stress, with many unable to meet unexpected expenses. More than 18% of Australian households hold persistent credit card debt.

Critical financial failures 🔻

Financial mismanagement is one of the primary reasons for bankruptcy in Australia. In 2020, around48.1%of personal insolvencies were due to excessive use of credit or failure to manage personal finances.

Financial Exclusion 🔻

Around 16.9% of Australiansare financially excluded due to low financial management capabilitis, meaning they lack access to essential financial services like basic savings accounts or credit.

Reduced wealth potential 🔻

A survey by Allianz found that Australians with lower financial literacy are at a severe disadvantage, potentially missing out on earning an additional $7,869 per year in investment income. Over a 30-year period, this could equate to over $800,000 lost compared to those with higher financial knowledge. This shortfall often leaves individuals more dependent on government programs later in life​(Savings.com.au).

Delayed retirement 🔻

According to the Australian Securities and Investments Commission (ASIC), 40% of Australians worry they will not have enough money saved for retirement, often due to lack of knowledge about effective saving and investing strategies.

A 2019 study revealed that 25% of Australians do not fully understand how their superannuation works, putting their long-term retirement savings at risk.

Compounded Vulnerabilities 🔻

Low financial literacy disproportionately affects vulnerable groups, including Indigenous Australians, recent immigrants, and low-income earners, further entrenching poverty and inequality.

For example, women with lower financial literacy face poorer long-term financial outcomes, such as reduced superannuation savings, which further deepens reliance on government support. The average woman at retirement age has a 21% smaller superannuation balance compared to men​(

Savings.com.au). Financial illiteracy, particularly in low-income groups, exacerbates inequality and strains social welfare systems, underscoring the need for targeted financial education programs​(Department of Social Services).

So... who is responsible?

It takes a village ❤️

  • At School

    The most formative place & period in a young person's life, this is the time to introduce formal concepts and prepare for the road ahead.

    Bring FinLit to your school 🚀 

  • Tertiary Education Providers

    After school, real life begins. Having support to navigate essential money moves and avoid dangerous decisions in these early years sets a powerful tone for their future.

    Help your Students 🚀 

  • Employers & Community Leaders

    Work is the centre of a young person's financial life. An employer has the perfect positioning to be able to meaningfully support an employee in their financial journey.

    Support your Employees 🚀 

  • Financial Product & Services Providers

    As a provider of products & services, you have frontline access and ultimate power to guide the behaviours of a young person. With power comes great responsibility.

    Support your community 🚀 

Together, no one slips through.

Shaping a financially empowered young person is long road and a shared responsibility. Everyone that can, must. Together, we create a generation of financially empowered young Aussies.

Stability, Safety & Independence 💚

A study from the OECD found that financial literacy correlates with higher levels of financial independence. Young people with financial education are 40% more likely to have a personal savings account by age 25 and rely less on external financial assistance .

Confidence & Wellbeing 💚

Australia's National Financial Capability Study: This study found that Australians with lower levels of financial literacy are more likely to experience financial stress and rely on government assistance. The survey showed that 30% of Australians with low financial literacy were more likely to depend on social welfare compared to 15% of those with higher financial literacy.

Wealth & Opportunity 💚

Increased wealth begins with increased earnings... Financially literate individuals are more likely to earn 16%* more over their lifetime (Annamaria Lusardi, Global Financial Literacy Excellence Center).

This continues with with financially educated teens make better investment decisions, increasing savings by 18% by their 30s* (NBER).

From here, knowledge of compound interest helps build 28% more wealth by age 40* (Urban Institute).

*Relative to those without financial literacy education

Reduced Debt risk 💚

Young adults with financial education are 21% less likely to carry credit card debt (FINRA), 20% less likely to be late on bill payments, and had 20% higher emergency savings.

Teens who receive financial education are also more likely to have better credit scores later in life. For instance, a study in the U.S. showed that participants who received financial literacy training had credit scores 29 points higher on average than those who didn’t .

Reduced Social Inequality 💚

Teaching financial skills narrows income gaps by 20%, especially benefiting underserved communities and improving economic equality.

Financial literacy helps close economic gaps, as those with financial education are more likely to manage debt and avoid costly financial mistakes. This is particularly impactful in lower-income communities, where financial education can break cycles of debt and poverty​(Moneyzine)​(HigherMe).

Improved Economic Stability 💚

Nations with more financially educated populations have 50% fewer financial crises (OECD).

Increased Entrepreneurial Success 💚

Entrepreneurs with financial education are 40% more likely to sustain their business (Kauffman Foundation).

Better Community Health 💚

When young people understand money, they are more equipped to contribute to society. Financially literate individuals are 50% more likely to participate in community development and charitable giving, strengthening social bonds​(HigherMe).

✨ Find your education ✨

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