Australians saving more than a decade ago
(5 December 2011 – Australia) An ANZ survey has found more than three-quarters of Australians are now saving regularly, the highest level in almost a decade.
ANZ chief Mike Smith said: "Financial literacy supports economic growth and improves the well-being of people and their families. It’s about equipping people to make the most of their opportunities, to provide opportunities for their children and to build assets and financial security throughout their lives."
The fourth Adult Financial Literacy in Australia survey, which measures people's skills and attitudes to money, found 81 percent of the 3502 interviewees felt in control of their financial situation, up 4 percent from the previous 2008 survey.
More than a third of respondents said dealing with money was stressful, even when they were able to save.
One in five mortgage holders reported not being in control of their finances, with a third of households on less than A$65,000 but with mortgage more than A$300,000 either fluctuating in and out of control or always out of control financially.
Young people, women, blue-collar workers, low-income earners and people with no formal post-secondary education had the lowest levels of financial literacy.
"It’s now widely recognised that our ageing population, shrinking taxpayer base and longer life spans mean that more of us than ever before will have to provide for retirement and for our health care after our working lives.
"This makes improving financial literacy a priority across all sectors: government, education, community and business. In addition to supporting research and investing in financial literacy programs, one of the key ways that banks like ANZ can contribute is by making banking products simpler and easier to understand," Smith said.
The fourth Adult Financial Literacy in Australia survey, which measures people's skills and attitudes to money, found 81 percent of the 3502 interviewees felt in control of their financial situation, up 4 percent from the previous 2008 survey.
More than a third of respondents said dealing with money was stressful, even when they were able to save.
One in five mortgage holders reported not being in control of their finances, with a third of households on less than A$65,000 but with mortgage more than A$300,000 either fluctuating in and out of control or always out of control financially.
Young people, women, blue-collar workers, low-income earners and people with no formal post-secondary education had the lowest levels of financial literacy.
"It’s now widely recognised that our ageing population, shrinking taxpayer base and longer life spans mean that more of us than ever before will have to provide for retirement and for our health care after our working lives.
"This makes improving financial literacy a priority across all sectors: government, education, community and business. In addition to supporting research and investing in financial literacy programs, one of the key ways that banks like ANZ can contribute is by making banking products simpler and easier to understand," Smith said.
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