Australian teens surprisingly ‘confident’ about | Australian Markets
Australian youngsters are assured about their financial abilities, with recent knowledge exhibiting they really feel most assured in opening a bank account and monitoring bills.
New National Australia Bank economics knowledge, to be launched Monday, reveals practically 70 per cent of college students in Years 10, 11 and 12 felt assured opening a bank account, whereas 65 per cent mentioned they might confidently observe their bills.
NAB personal banker Claudia Dior mentioned the analysis challenged assumptions about teens and their relationship with money.
“Contrary to popular belief, the research shows that today’s teens are relatively confident when it comes to talking about money,” Ms Dior mentioned.
“They’ve grown up during significant economic shifts. Many of them have seen their parents flex their budgeting muscles, and they’re eager to learn how to set themselves up for success.
“They’re using their digital fluency to self-source their own financial knowledge, but it’s crucial they find the information through legitimate sources.”
The NAB knowledge additionally revealed more than 60 per cent of high-schoolers say they felt ready to make a funds, whereas 62 per cent reckon they might set financial objectives.
Ms Dior mentioned she had observed a shift in how younger people approached banking.
“They’re asking informed questions about interest rates and long-term planning — things we rarely heard a decade ago,” she mentioned.
“At home, we discuss our family budget with my 18-year-old, and when we shop, we compare prices and value. All of a sudden, concepts from economics textbooks have become part of our everyday life.”
As for her prime tricks to increase younger people’s financial literacy at home, Ms Dior suggests leveraging their digital fluency by introducing them to legit spending apps to help them observe their spending for a month, categorise bills and establish patterns.
This will help them construct vital financial management habits.
She additionally recommends involving youngsters in meal planning within a funds, evaluating costs, figuring out gross sales and calculating unit pricing. This teaches sensible maths abilities whereas demonstrating how small selections accumulate into vital financial impacts.
Finally, Ms Dior mentioned somewhat than paying payments in non-public, youngsters needs to be invited to watch how it’s completed. Explain the distinction between fixed and variable bills, show how companies are linked to prices, and focus on how income must cowl these payments.
This will help them perceive family funds and put together them for his or her future tasks.
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