In a world where financial literacy is trending, Australia is leading the list of countries that need to ramp up financial education and encourage family involvement in the learning process. The Household, Income and Labour Dynamics in Australia (HILDA) survey revealed that almost 50 percent of Australian households struggle with poor financial literacy.
Those with low financial literacy were shown to have worse financial health, were more likely to experience financial stress, and had a lower likelihood of saving. Yet, financial education involves much more than how to spend their money. Ethical finance centres on not just how to spend your money, but knowing whether your financial decisions are responsible ones.
The best way to combat this is to provide ample opportunities for your child to learn about ethical financial decision as soon as possible so that it becomes the new norm.