As a society, there’s an inherent attitude that exists where an individual’s personal finances is often a taboo topic, something that’s avoided rather than faced head-on. This contributes towards a massive barrier between consumers, and their ability to make a change.

To look at this theory further, especially when it comes to a lack of control with money matters, Compare the Market engaged Deloitte Access Economics to investigate and understand how we can better help consumers with their everyday household finances.

The Financial Consciousness Index (FCI) measures the extent to which a person is not just financially literate, but also whether they are conscious of their ability to affect their own financial outcomes, all the way to their willingness to act, and the extent to which they are able to participate in sophisticated financial matters.

Are Australians more or less motivated in their financial decision making? Do Australians still believe that changes in interest rates affect their financial position? Comparing these results year on year paints an important picture of the inner thoughts and workings of the average Australian.

Compare the Market are committed to helping consumers take a tighter rein on their finances, and drive further conversations around the work that needs to be done to better empower, educate and de-stigmatise how people talk about money.