Women, in particular, are being urged not to put off tackling their money situation.
“Women face particular challenges in planning for their future and need to take the reins of their finances as early as possible,” said Elaine Henry OAM, MoneySmart Week Ambassador and Financial Literacy Board member.
“Research shows that of the five components of financial literacy, women perform better than average on ‘keeping track of finances’ but not so well on ‘staying informed’ and ‘financial control’*.
“Given women live longer, generally earn less and are more likely to take time off for child- rearing and caring responsibilities, they need to extend their focus from day-to-day money management to planning for the future.
“A great place to start is to do a money health check,” said Ms Henry.
Now in its second year, MoneySmart Week is about encouraging Australians to take simple steps to make a positive difference to their finances.
“In the space of just a couple of decades the world of money has become much more complex, increasing the importance of having a financially literate population,” said MoneySmart Week campaign director, Rebecca Glenn.
“This has been broadly recognised and is reflected in the diversity of organisations supporting MoneySmart Week.
“For individuals, the question is often not knowing where to start; which is where the Money Health Check comes in.
“The Money Health Check is a free and easy tool that will provide some simple tips and links to information that will help people make a positive difference to their finances.”
MoneySmart Week Ambassador and Chair of the Australian Government Financial Literacy Board, Paul Clitheroe said people shouldn’t put off taking a closer look at their money.
“It’s like never visiting the doctor; not knowing the state of your money health is the quickest way to a bad money situation,” he said.