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ASIC's Laura Higgins on financial capability
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Kids and money
Australian student saving, spending and financial access:
- 81% of students have a bank account or a prepaid credit card
- 52% of students earn money from working outside school hours
- 57% of students regularly save money
- 67% of students save money specifically to buy something if they don’t have enough money.
Source: FPA Aug 2018.
- $1.2 billion from dormant bank accounts, shares, investments and life insurance policies is waiting to be claimed.
- Australians can do a free unclaimed money search on Moneysmart.gov.au
- Money becomes unclaimed when a bank account hasn’t been used for 7 years and contains a balance of $500 or more.
Source: ASIC Annual Report 2018-19.
- There are almost 16 million credit cards in Australia.
- 1 in 6 Australians are struggling with credit card debt with $29.5 billion owing on credit cards accruing interest.
- A credit card debt of $2,000 could take more than 12 years to pay off and cost around $2,150 in interest if the card holder only makes the minimum repayment.
- Consumers could have saved $621 million in interest if they had a lower interest rate card (July 2016 – June 2017).
- Consumers can use Moneysmart's credit card calculator to work out how long it will take to pay off their credit card debt.
- 74% of Australian households hold debt and the average household debt is $168,600.
- The most common form of debt is credit card debt, held by 55% of households, followed by home loans (34%) and student loans (17%).
- 77% of over-indebted households in Australia lacked sufficient ‘liquid‘ assets to cover a quarter of the value of their debts.
Source: ABS July 2018.
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Four million Australians have searched for their share of $1.2 billion in lost shares, bank accounts and life insurance.
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