27 September 2023

ASIC resource to pay dividends for young savers

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Young people now have more support to make money choices that work for them, with the Australian Securities and Investments Commission (ASIC) releasing a new online resource.

Marking Global Money Week this week (21-27 March), ASIC Commissioner Sean Hughes said Get Moneysmart was designed to make it easier for young people to manage their money and deepen their understanding of key money concepts and behaviours.

“Many young Australians are active consumers with multifaceted financial lives,” Commissioner Hughes said.

“They are handling money, setting savings goals, shopping online, using debit cards and making payments with their phones,” he said.

“As they move into their final years of school, they are making decisions around pursuing further education, employment and moving out of home.”

Commissioner Hughes said a recent ASIC survey of 3,000 Australians aged 15 to 21 years found 57 per cent of young people wanted to learn more about investing and 54 per cent wanted to learn how to manage money well and not waste it.

He said Get Moneysmart provided a suite of videos, tools and calculators to help young people with everyday money decisions.

“It offers practical tips to help them make informed money decisions, manage an income, track their spending and plan for the future,” he said.

Get Moneysmart encourages young people to make a money plan and feel more in control of their financial lives.”

Commissioner Hughes said learning how to manage money early, make informed choices, save and plan for the future helped young people be more prepared for significant financial decisions later in life, “as well as guard against common pitfalls and unnecessary risks”.

ASIC’s Get Moneysmart can be accessed at this PS News link.

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