Young Australians will have access to free online education about making financial decisions, including how to open a bank account and plan a budget after getting a first job.
The federal government has launched moneymanaged.gov.au after research it commissioned found only 11 per cent of 14-17-year-olds felt very confident managing their money through budgeting, investing or saving.
Yet the Treasury survey, conducted in late 2020, found 94 per cent of Australians in this age group either agreed or strongly agreed it was important to learn how to manage their money.
The Money Managed website includes advice on making first-time financial choices around xjmtzywspending and saving, using a bank account and debit card, working and getting paid and dealing with debt and bad decisions.
Financial Services Minister Jane Hume said it was designed to help teenagers have important conversations about money and “financial firsts” with their parents and carers.
“Things like opening a bank account, how to make a budget, how to handle and avoid debt, apply for a tax file number (are) all explained in an accessible way and presented mobile-first for the next generation,” she said.
“We know that young Australians want to do better with their finances, they just aren't sure where to start. Getting kids confident with their finances right from that first job will make a lifelong impact.”
Young people are the initial focus of the Morrison government’s financial capability strategy that is being rolled out this year as the economy recovers from the coronavirus pandemic.
The government intends for its strategy to help people adapt to changing financial and digital technologies and contribute to their “improved individual prosperity and financial resilience”.
The plan will initially focus on Young Australians before shifting to the government’s other target groups – women, people in or nearing retirement, and Aboriginal and Torres Strait Islander peoples.
According to the Treasury research, 17 per cent of Australians were not very confident or not confident at all about their ability to hit a financial goal.
Many Australians approaching retirement age said they did not have a financial retirement plan, while young Australians and women did not perform as well on average on financial literacy.
