cba foundation research paper.pdfVIP

Commonwealth Bank Foundation Improving financial literacy: benefits for all Australians Contents CEO’s introduction 2 A commitment to financial literacy 4 Key findings 5 At a glance – the financial literacy of a nation 6 Methodology 7 Understanding the financial literacy of Australians 8 Conclusion 13 Our research partners 14 CEO’s introduction Financial literacy is vital and the Commonwealth Bank Foundation’s 2010 survey of Australia’s financial literacy provides timely insights for us all to build from. Sensible and well informed money measure the financial literacy of the management is an important life skill. It Australian people. The results confirmed brings control and certainty to our lives, the need for ongoing education in financial and allows us to make plans for the future. literacy, while quantifying the benefits these These skills, more formally termed ‘financial programs will provide. literacy’, provide a foundation for informed decisions about investments and other Today, we revisit this survey, and find once again that certain groups of Australians, financial products, and allow Australians to our young people in particular, continue to enjoy life and work towards their goals with require special attention. a reduced risk of financial hardship. This alone makes improving financial literacy a I invite you to take a look