Schools might teach trigonometry and algebra, but budgeting, understanding contracts for mobile phones, buy-now-pay-later schemes, and the real value of compound interest, is rarely on the agenda. In 2020 a HILDA report found around 45 per cent of Australian adults are now classed as financially illiterate, with young women most at risk. The same year, a Monash University study found those young people with on-going support from family managed personal finances better.
We have previously run financial literacy and/or wealth management workshops with young adults who may be about to inherit assets, or who are part of family business. If you would like more information in how we can assist your family members, get in touch.