Survey findings support need for financial literacy in schools

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RaboDirect, the leading online savings and investment bank, announces its support of the government’s Moneysmart Teaching Primary Package, launching today in Adelaide.

A recent national survey conducted by RaboDirect revealed just how real the need is for financial literacy to be taught in schools, with Gen X and Baby Boomers outed as the generations currently struggling most with debt issues. The question then stands – would the outlook for these generations have been different if they were taught practical ways to deal with their finances from a young age?

Key points:

  • 80% of Australians believe that financial literacy should be taught in schools (according to the 2012 RaboDirect National Savings and Debt Barometer)
  • RaboDirect supports the work of the government in regards to teaching financial literacy in schools and calls on others to get behind the work of Moneysmart
  • RaboDirect highlights the need for parents to be involved in the process of teaching kids how to deal with money and finances – parents are some of the most influential ‘teachers’ in children’s lives 
  • RaboDirect also highlights the need for all Australian’s to take stock of their financial situation, and take positive steps to improve their outlook. Prepare a budget, set savings goals and start saving today.

Renee Amor, spokesperson for RaboDirect said:

“We are pleased to see today that parliamentary secretary, Bernie Ripoll, has released the details of the Moneysmart teaching aid for schools. Our research clearly supports the need for more to be done to teach Aussies how to deal with savings and debt with less than half of the population saying they are comfortable with their finances. However this kind of learning shouldn’t just be confined to the classroom – parents are some of the most influential teachers kids will ever have, so talking openly about money and teaching practical savings tips at home is also key to ensuring our future generations are financially savvy.”

“If financial literacy had been part of the curriculum when Gen X and Baby Boomers were going through school, we might find that they would have a very different financial outlook today. As it stands, our research shows that a number of Boomers are carrying debt into retirement but less than a third of this generation are actually saving for retirement. The message is simple – all Australians can take action to improve their financial well-being and you are never too young to start.”

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