Financial concerns adding up for more young Aussies
06 June, 2018
- 71% of young Aussies worry they are making bad financial decisions
- 74% of parents worry their child is not equipped with the right financial know-how to enter the “real world”
- 81% of young Aussies are hungry to learn about how to manage their finances
- Westpac launches new program with Year13 to help young Aussies improve their financial literacy
New research from Westpac shows the majority of young Australians and their parents are worried about their ability to make sound financial decisions when they leave school.
Westpac’s 2018 Financial Literacy Study1, which surveyed 600 Australians aged 15-20, found almost three quarters of young Australians (71%) worry they are making bad financial choices and over half do not feel prepared or confident to fill out a tax return (59%), to understand superannuation (53%) or apply for a loan (63%).
However the research also demonstrated the majority of young Australians are keen to improve their financial literacy; the majority (81%) want to learn how to manage their finances in the “real world” and almost all (96%) are actively looking for financial information and advice.
To help provide support for more young Australians, Westpac, in partnership with Year13 – Australia’s leading online platform for school leavers, has launched ‘FinLit’, a free online financial literacy program which provides young Australians with an educational resource to help them with financial decisions as they navigate life after school.
Felicity Duffy, Westpac’s Head of Segments, Youth, Millennial and Women, said Westpac’s research highlights a clear opportunity for young people to better understand and manage their finances.
“Our research shows there is an opportunity to empower young Australians to help them be more financially confident when it comes to starting their first job or moving out of home,” Ms Duffy said.
“As Australia’s first and oldest bank, we’re committed to helping young people set themselves up for future success. It’s important that we give young Australians access to trusted and reliable resources to help them understand future expenses and information on how they could save their money effectively.”
Through the free ‘FinLit’ program, users can access informative content on topics such as moving out of home or saving to travel, and a quiz to gauge their learnings and identify gaps in their knowledge.
Saxon Phipps, founder of Year13, said the platform was created to provide useful information and alternative pathways for young people who are making important life decisions and are unsure of financial matters.
“We started Year13 because we saw a need for young people to be better supported during what can be a stressful time in their lives as they can feel overwhelmed by perceived expectations around “what next?”. We’re excited to collaborate with Westpac and help make a meaningful impact on the big life choices young Aussies need to make,” Mr Phipps said.
Westpac’s research also found that 74 per cent of parents2 worry their kids aren’t equipped with the financial knowledge they need as they transition into their next life stage.
“As a parent I know what it is like to worry about sending your kids out into the world, but we hope our ‘FinLit’ program will alleviate some of this anxiety, as we empower kids with the financial tools they need,” Ms Duffy said.
The Westpac and Year13 ‘FinLit’ program is live now at https://money.year13.com.au/.
For further information, please contact Map and Page:
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1Westpac’s Financial Literacy Report, March 2018, surveyed 601 Australians aged 15-20. Surveys were distributed online in both capital cities and non-capital city areas. The survey was conducted online amongst members of a permission-based panel.
2Westpac’s Financial Literacy Report, March 2018, surveyed 605 Australian parents of children aged 13-19. Surveys were distributed online in both capital cities and non-capital city areas. The survey was conducted online amongst members of a permission-based panel.