The changing nature of work and working life

Financial Literacy In A Transitional Demographic 2011

Client:  Commonwealth Bank Foundation

The Workplace Research Centre was commissioned by the Commonwealth Bank Foundation to investigate levels of financial literacy in a young, transitional demographic - those aged 18 to 24 enrolled in vocational education and training (VET). The research investigated not only the understanding of 245 VET students, but also their practices, attitudes and behaviours in numerous areas of personal financial decision making. Using a combination of an online survey and focus groups, six distinct areas were investigated- numeracy and money management, budgeting and living within means, choosing financial products, saving and planning, borrowing and debt literacy, and recourse and self-help.