Back to black: survey supports move to teach financial literacy in schools

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With financial literacy being added to the national school curriculum this year, RaboDirect’s nationwide survey of more than 2,000 people, confirms Australians have been heard when it comes to the need for early financial education.  According to the RaboDirect National Savings and Debt Barometer, 73% of Australians agree teaching financial planning in schools is a good idea.  RaboDirect’s General Manager, Greg McAweeney, is available for comment today.

Key points:

  • With a third of Aussies feeling ‘constantly in the red’ (according to the survey), this subject is long overdue to equip the next generation with the skills required to keep them in the black
  • The sooner we can educate the next generation in financial planning  the better. We are already seeing Generation Y struggling with personal money matters, according to the survey:
    • Younger age cohorts are more impulsive when purchasing on their credit cards than older generations
    • Only one in five Gen Ys have received professional financial advice, compared to over half of baby boomers
  • With Generation X the most likely to always feel in the red (32 per cent) and least likely to budget, the survey highlights the implications for those generations not taught financial literacy at school
  • Greg McAweeney said: “Learning financial planning in school is a life skill that will never go to waste and we agree with the Government’s decision to include it in the national school curriculum.  We want Australians to feel empowered about their finances not overwhelmed and challenged.  In order for this to be achieved we need to properly educate ourselves; where better to do this than in school.”

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