Financial Education
Setting future generations up for success
Key takeaways
- 58% of Gen Z Australians said they left school without receiving financial education; 47% wanted budgeting lessons, 51% investing basics and 47% more information about superannuation.
- Only 9% of respondents in Onkaparinga and Logan City said they had received financial education at school, showing a significant geographic gap.
- 27% of Australians said they did not seek financial advice or information at all; family was the leading source at 15%, followed by professional financial advisers at 13%, while 3% nominated AI.
Financial literacy
A growing number of young Australians report receiving financial education in high school. Even so, more than half of Gen Z Australians (58%) said they graduated without an introduction to money matters.
Many believed even practical, introductory lessons could have made a difference: 47% wanted to learn how to manage a budget, while 51% wanted to understand investing basics and 47% wanted to know more about superannuation.
But the data suggests access to this knowledge is not evenly distributed, with where people live appearing to play a significant role.
In Onkaparinga (SA) and Logan City (QLD), only 9% of respondents said they had received a financial education – well below the national average.
Rates of school-based financial education also varied by education and employment status. They were higher among university graduates and people in full-time employment than among certificate-qualified respondents, casual workers and stay-at-home parents.
Inherited knowledge
The internet may be flooded with financial commentators and influencers, but most Australians still prefer to get financial information from someone they know.
Around 15% said family members were their top source of financial information, followed by professional financial advisers (13%), partners or spouses (9%), and accountants (5%).
Just 3% said AI was their go-to source. More than a quarter (27%) said they did not seek financial advice or information at all, pointing to a potentially significant gap in engagement or access to trusted guidance. Not seeking financial advice or information was particularly common among Australians aged 65 and over (41%).
Hear from Compare the Market's Economic Director, David Koch:
“Financial literacy works best when it is practical and starts early. Budgeting, superannuation, investing and the true cost of credit should be taught in ways young people can apply immediately, while adults should use trusted sources rather than disengaging from money decisions altogether.”
Late action, big regret
Asked to name their biggest financial regret, 22% said they wish they had started to save or invest sooner while 11% would have made an earlier entry into the property market.
One in nine (11%) regretted not contributing more to their superannuation.
A fortunate 23% said they would not have done anything differently. Australians aged 65 and over were even more likely to say this (36%).