Australians continue to rank poorly in financial literacy, with just over a quarter of people struggling to answer a set of simple questions on the basics, such as interest rates, inflation and investment risks and returns.
It’s never too early to start teaching your children about money. According to research from the ATO, over half of parents in Australia have not discussed tax and superannuation with their children. In order to prepare them for their working life ahead, as parents, we should be instilling them with the knowledge and skills they need for their future.