Research shows that Australians have improved long-term savings habits and are taking greater control of their finances. The fourth Survey of Financial Literacy, a long term multi-stakeholder research project, found 77 percent of people are saving regularly – the highest level since the survey began in 2003.
Parliamentary Secretary to the Treasurer, David Bradbury commended the research as key to understanding the behaviours that influence how people manage their finances: “This [survey] recognises that financial literacy is about more than just numeracy and understanding of financial products, but it is also about people's attitudes and their perceptions of their ability to control their finances and plan ahead. Financial literacy is about empowering people to make informed decisions about their finances,” said Mr Bradbury.
Australian Securities & Investments Commissioner (ASIC), Peter Kell, said: “ASIC welcomes ANZ's long-term commitment to financial literacy and to this national survey. OECD research tells us that this survey is the most frequently repeated long running national financial literacy survey in the world. The longevity of this survey is vital, as it helps us to track progress in improving the financial skills, knowledge and behaviour of Australians. The survey also helps ASIC to better target and focus our financial literacy efforts.”
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