Australians continue to be stumped by these basic finance questions. Can you answer them?
in financial literacy, with a new study showing just over a quarter of people struggled to answer a set of fairly simple questions on the basics, such as interest rates, inflation and investment risks and returns.
Consistent with other studies, women were found to have lower financial literacy at 34 per cent, compared to 16 per cent of men scoring poorly. Millennials and Gen Z lag behind Baby Boomers in financial literacy. in 2020 showed a sharp fall in the financial literacy of younger Australians – particularly those under 24 – since the 2016 HILDA survey.“By acquiring basic knowledge and skills, people can move from low to average financial literacy and put a lot more money in their pockets,” Subran says.Angel Zhong, associate professor of finance at RMIT, says the results of the latest study confirm that many Australians struggle with financial literacy.
RMIT’s Zhong says the starting point is with schools. However, because of financial literacy’s importance, she would like to see it offered as a standalone subject in schools.
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