Australians too 'shy' when it comes to money talk | afr.com
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Home / Personal Finance Dec 21 2015 at 9:47 AM | Updated Dec 21 2015 at 12:50 PM
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As a reader of The Australian Financial Review you are probably in a good position to talk to your friends and family about their finances, writes Sally Patten. Many Australians find money stressful and overwhelming but that can be fixed by talking about it.
Many Australians find money stressful and overwhelming but that can be fixed by talking about it. Kathie Atkinson
by Sally Patten
Readers of The Australian Financial Review are, in theory at least, more financially savvy than the population at large. Fed a constant diet of articles and analysis about price earnings ratios, bond yields, interest rates and the global economy, how could they (you) be otherwise? Indeed surveys show that Financial Review readers have bigger investment portfolios and are far more inclined to be self-directed investors than the average Australian, suggesting they understand concepts such as compounding interest and delayed consumption. So, my challenge to readers this summer is to give family and friends the benefit of some of your knowledge. Start a conversation with friends and loved ones about their finances. There are several reasons to ask someone if they are financially OK, many of them contained in a 2014 Australian Securities and Investments Commission report entitled: Australian Financial Attitudes and Behaviour Tracker. Strolling along a beach might be the ideal time to ask someone if they are financially OK.
Strolling along a beach might be the ideal time to ask someone if they are financially OK. Dave Moore
That report found that 31 per cent of Australians (including 35 per cent of women and 39 per cent of people under the age of 35) find dealing with money stressful and overwhelming and 20 per cent think there is nothing they can do to change their financial situation. Of individuals under the age of 35, 20 per cent of people said they "financially like to live for today", and 21 per cent admitted they have
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