Survey shows massive gap in financial literacy levels
ANZ’s latest financial literacy survey shows there is a noticeable difference between the most and least financially literate Australians.
It also shows young people, seniors, women, the poorly educated and low-income earners are significantly behind the rest of the country.
The problem is particularly severe among women over 70.
ANZ CEO Mike Smith says the effects of low financial literacy come at a great cost to the economy.
“The current global financial turmoil highlights the importance of responsible lending, good advice and sound money management,” he said.
He suggests a uniform approach to credit regulation is needed, along with simpler products, more focus on disadvantaged customers, more financial literacy programs and greater collaboration among the financial sector, government, regulators and community stakeholders.
It also shows young people, seniors, women, the poorly educated and low-income earners are significantly behind the rest of the country.
The problem is particularly severe among women over 70.
ANZ CEO Mike Smith says the effects of low financial literacy come at a great cost to the economy.
“The current global financial turmoil highlights the importance of responsible lending, good advice and sound money management,” he said.
He suggests a uniform approach to credit regulation is needed, along with simpler products, more focus on disadvantaged customers, more financial literacy programs and greater collaboration among the financial sector, government, regulators and community stakeholders.