I wish I learnt that at school…

I wish my parents taught me that when I was younger….

Why didn’t they?

So often I hear these words from friends when it comes to finances.

The fact is, without financial literacy, it is almost impossible to be financially fit. You don’t know what you don’t know! Financial literacy is key to help you to make better money choices, better manage your financial life and ultimately, achieve financial freedom.

According to an AMP[1] study, more than a third of Australian adults are not financially literate. To make things worse – females have lower financial literacy than men, this gap is bigger in Australia than other countries.

So what?

Well, when someone doesn’t know much about managing money then it can lead to not-so-fantastic results. It may take longer to build up your wealth, perhaps making some questionable investment choices and having less money for retirement. It’s like building a house, you need a good solid foundation before you can add anything else. Financial literacy is like the foundational building blocks.

So, what are the foundational blocks? It starts with the basics: budgeting, managing debt, investing and planning for the future. Yet, many find themselves lacking in these areas, wishing they had learned these crucial lessons earlier in life!

Financial literacy isn’t just about numbers, it’s about empowerment. It’s about taking control of our lives and creating the life we want to live. From deciding whether it’s a good idea to spend $2000 on a handbag to the type of investments you want to make, having the right information empowers you to make sound decisions that’s aligned with you and your future goals.

This is not something for the rich, it is a foundational skill that we should all have and need. So, let’s start the conversation today, let’s equip ourselves with the knowledge and skills to thrive.

[1] https://www.amp.com.au/insights-hub/blog/investing/econosights-financial-literacy-gender-gap