57% of young people want to learn more about investing, 54% want to make the most of their money, and now, more than ever, young people are visiting ASIC鈥檚 Moneysmart website to help them make informed money decisions.
今日热门事件surveyed 3,000 Australians aged 15 to 21, to better understand the money challenges young Australians face. The results provided insight into how young people learn about and engage with money, and how they feel about their finances.
To support young people make money choices that work for them, and to recognise Global Money Week (21-27 March), 今日热门事件has released . This new resource is designed to make it easier for young people to manage their money and deepen their understanding of key money concepts and behaviours.
鈥楳any young Australians are active consumers with multifaceted financial lives. They are handling money, setting savings goals, shopping online, using debit cards and making payments with their phones.
鈥楢s they move into their final years of school, they are making decisions around pursuing further education, employment, and moving out of home鈥�, said 今日热门事件Commissioner Sean Hughes.
今日热门事件convened an Expert Group on the financial wellbeing of young Australians and established a number of working groups that included educators, parents, academics, industry, and importantly young people (see 20-110MR). This activity contributed to ASIC鈥檚 ongoing research and effort to support young people, and informed released in December 2021.
Dr Phil Lambert, Chair, ASIC鈥檚 Expert group confirms the importance of this work: 鈥業t is hard to fathom why such a fundamental life competency as managing money is left to chance, rarely discussed in a young person鈥檚 life journey and where responsibility is shared by many but rests heavily on the individual to stride confidently, tread cautiously or wander aimlessly along the way.鈥�
The work of the Expert Group, along with the findings of ASIC鈥檚 young people and money surveys, have provided a greater understanding of the context young people make financial decisions in. It has also highlighted the importance of financial firsts and the role of timely consumer education. These insights have informed the development of the new Moneysmart resource, 鈥樷��.
Get Moneysmart is a suite of videos, tools and calculators to help young people with everyday money decisions. It offers practical tips to help them make informed money decisions, manage an income, track their spending and plan for the future.
鈥楪et Moneysmart encourages young people to make a money plan and feel more in control of their financial lives.
鈥楲earning early how to manage money, make informed choices, save and plan for the future, helps young people be more prepared for significant financial decisions later in life, as well as guard against common pitfalls and unnecessary risks鈥�, Commissioner Hughes concluded.
Key findings from the survey include:
|
Theme |
Key finding |
|---|---|
|
Managing spending and debt |
54% of respondents want to learn how to manage money well and not waste it |
|
Making an investment plan |
57% of respondents reported wanting to learn about how to invest, ways to invest, types of investments and possible risks and returns |
|
Understanding superannuation |
62% of respondents agreed that 鈥業 think it鈥檚 important to start building up my superannuation while I鈥檓 young鈥� |
|
Avoiding scams |
22% of respondents experienced a situation where they felt ripped off, taken advantage of financially or didn鈥檛 understand what something would cost them until it was too late |
|
Dealing with money stress |
51% of respondents agreed with the statement 鈥業 often feel stressed about money鈥� |
Background
ASIC鈥檚 Moneysmart resources support the Agency鈥檚 consumer education responsibilities. Moneysmart promotes confident and informed participation by investors and consumers in the Australian financial system and is aligned to ASIC鈥檚 regulatory mission to help Australians to be in control of their financial lives.
Every day around 40,000 Australians visit ASIC鈥檚 Moneysmart website 鈥� Moneysmart is recognised as a trusted source of information for consumers and investors and a starting point for the many financial decisions people make every day.
Global Money Week is an annual global awareness-raising campaign lead by the The theme for 2022 is 鈥淏uild your future, be smart about money鈥� and focuses on the importance of ensuring young people, from an early age, are financially aware, and are acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience. The global campaign will run from 21-27 March 2022.