In the inaugural Australian Financial Savviness Whitepaper, Mortgage Choice surveyed a number of Australians and discovered the majority believe they are money smart.
Respondents to the survey were aged 18 and upwards and were questioned about their financial choices and the broad-based concept of being ‘money smart’. Respondents were not only asked whether they considered themselves to be ‘money smart’, but whether they believed they were more or less ‘smart’ than their peers.
In addition, respondents were asked to answer a number of questions to gauge their level of financial sophistication. Respondents were then asked to share their best financial hacks and describe the biggest financial hurdles they faced in their everyday lives. The Whitepaper sought to investigate whether Australians are, in fact, ‘money smart’ and what it takes to ensure that we act in a financially savvy manner.
The Australian Financial Savviness Whitepaper provides invaluable insights into the financial psyche of Australians, their attitude towards money, and how this attitude is shaped by external factors, including age, wealth status, and the markets in which they reside.
Notably, the Whitepaper highlights that while most Australians consider themselves to be financially savvy, they aren’t necessarily behaving in a manner that would speak to being
Most Australians would rate their ‘financial knowledge as either ‘average’ or ‘poor’, and are doing little to rectify this ongoing issue. Further, almost 40% of Australians admit to being paralysed by choice but feel as though they are too smart to warrant seeking help from a finance professional.