A Household, Income and Labour Dynamics in Australia (HILDA) survey recently revealed a concerning age and gender divide in Australia’s financial literacy.
Women exhibit much lower levels of financial literacy than men and financial literacy went backwards between 2016 and 2020, especially for young adults.
In an age where financial products are becoming more confusing, not simpler, community action group leaders say it’s important these issues be addressed.
Logan Financial Literacy Action Group (FLAG) last week held an information exchange to discuss the current issues confronting vulnerable consumers in Logan and provide an opportunity for researchers to explore strategies for promoting more inclusion.
Griffith University Accounting, Finance and Economics lecturer and FLAG host Tracey West said the operate via “a collaborative action model” and data will be used to contribute to public discourse and policies to “redress disadvantage and income inequality”.
‘The vision is to improve financial wellbeing in Logan,” Ms West said.
“At times the challenge seems insurmountable.
“It is extremely concerning that young people have less financial literacy than older generations, and this is likely to have lifelong ramifications.
“Across Australia, 1 in 3 people find dealing with money stressful and overwhelming, and in geographic areas of disadvantage the issues are exacerbated.”
The event attracted over 90 workers in the Logan region and contemporary hardship issues and innovative solutions were discussed in a panel session by representatives from a number of organisations including YFS, Logan Together, ASIC, Tenants Qld and GriffithUniversity.
“This event was an important marker for the Financial Literacy Action Group to set their agenda for the coming year,” Ms West said.
In 2011, Logan Central was identified as a socioeconomically disadvantaged suburb, signifying the prevalence of low income; a high level of unemployment; a high proportion of workers in low-skilled occupations; and a high proportion of non-age-related disability, among other characteristics.
