It is more important than ever that young Australians have the skills to manage money and plan for the future.
Young people are making money decisions
Young Australians are active consumers - they are handling money, setting savings goals, shopping online, using debit cards and making payments with their phones. They also start to make complex financial decisions around leaving school, pursuing further education, employment, moving out of home and forming relationships.
Young people are learning about money at school and financial education is embedded in the Australian Curriculum. While schools will continue to play a meaningful role in delivering financial education, lessons young Australians learn outside of the school environment are just as important in shaping the behaviours that contribute to their financial wellbeing.
In 2020 more people were paying attention to their personal finances, including young people. Learning early in life how to manage money, save and plan for the future and make informed decisions, enables young people to be in control of their financial lives.
Young people and money journey map
Text version of young people and money journey map
Young people and money - Understanding the financial lives of young Australians
- From ages 0 to 4, young children are understanding money in their day-to-day life and are talking about money with parents and at childcare.
- From ages 5 - 12, children are learning about money in school and talking with their family, teachers and friends about money.
- From ages 13 to 17, teenagers are making independent financial decisions and are talking about money at the workplace.
- From ages 18 to 24, young adults are using a range of financial products and services, and are talking about money with their partners, talking advice from different institutions and making independent financial decisions.
Young people and money report
In May 2020, ASIC established an Expert Group on the financial wellbeing of young people. The work of the Expert Group has informed the Moneysmart program and provided a greater understanding of the contexts in which young people make financial decisions or need additional support.
The Young people and money report (7MB) summarises ideas and themes arising from the work of the Expert Group.
Young people and money - survey snapshot
In 2020 and 2021, ASIC conducted two Young People and Money surveys to better understand the challenges young people are facing. They also wanted to capture the experiences, attitudes and behaviours of young people across a range of money-related topics.
The survey responses provide new insight into how young Australians learn about, engage with and feel about their finances. They highlight factors that could promote improved financial confidence and knowledge among young Australians, as well as areas where improvements could be made.
The Young people and money – survey snapshot (1MB) contains a summary of the survey responses.