With financial literacy being added to the national school curriculum this year, RaboDirect’s nationwide survey of more than 2000 people has reinforced that Australians have been heard when it comes to the need for early financial education.
According to the RaboDirect National Savings and Debt Barometer, 73 per cent of Australians agreed that teaching financial planning in schools was a good idea.
Other findings from the survey revealed that with a third of Australians in debt, equipping the next generation with the skills required to manage their money was long overdue.
RaboDirect’s general manager Greg McAweeney said the sooner the nation could educate the next generation in financial planning the better.
“We are already seeing Generation Y struggling with personal money matters, with the survey showing that younger age cohorts are more impulsive when purchasing on their credit cards than older generations,” he said.
In the meantime, 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 debt and least likely to budget, the survey also highlighted the implications for those generations not taught financial literacy at school.
“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,” McAweeney said.
“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 and where better to do this than in school.”
