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’s (Australian Securities & Investments Commission) Moneysmart website to help them make informed money decisions.
ASIC 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), ASIC has released Get Moneysmart. 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.
‘Many 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. … ‘As they move into their final years of school, they are making decisions around pursuing further education, employment, and moving out of home’, said ASIC Commissioner Sean Hughes.
ASIC 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’s ongoing research and effort to support young people, and informed ASIC’s young people and money report released in December 2021.
Dr Phil Lambert, Chair, ASIC’s Expert group confirms the importance of this work: ‘It is hard to fathom why such a fundamental life competency as managing money is left to chance, rarely discussed in a young person’s 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.’
The work of the Expert Group, along with the findings of ASIC’s 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, ‘Get Moneysmart’.
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.
‘Get Moneysmart encourages young people to make a money plan and feel more in control of their financial lives. … ‘Learning 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’, Commissioner Hughes concluded.
Key findings from the survey include:
ASIC’s Moneysmart resources support the Agency’s consumer education responsibilities. Moneysmart promotes confident and informed participation by investors and consumers in the Australian financial system and is aligned to ASIC’s regulatory mission to help Australians to be in control of their financial lives.
Every day around 40,000 Australians visit ASIC’s Moneysmart website – 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 OECD International Network on Financial Education (OECD/INFE). The theme for 2022 is “Build your future, be smart about money” 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.
Source: © Australian Securities & Investments Commission. Reproduced with permission.
ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator.
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