Financial consciousness is the extent to which a person is conscious or aware of their ability to change their own financial outcomes, including their willingness to act, and their sophistication when it comes to money matters.
For the third year running, Compare the Market has commissioned Deloitte Access Economics to test the nation, to reveal the average Australian’s financial consciousness score. It’s hard to imagine a tougher year for Australians – who have had to contend with ruthless bushfires and twin health and economic crises – despite all this, or even because of it,the average Australian’s financial consciousness score has risen to 51 out of 100, an improvement on 2019’s score of 48.
So, how financially conscious are you feeling at the moment? Take our quiz to find out now!
Take the quizIf you had to accurately tell someone the balance of your superannuation without looking it up, could you do it?
Money made Simples by Melissa Browne is a hands on guide to help identify your money strengths and weaknesses, and start your new money story. It’s free!
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Watch finance author Melissa Browne share her tips and tricks to encourage everyone at all levels of financial maturity to reach their money goals.
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Ruthless bushfires, followed by twin health and economic crises – never before has there been a more relevant time to understand Australia’s financial consciousness. This report is designed to elicit truthful answers from over 3,000 Australians on their financial understanding, experiences and concerns. Read on for the full results.
Read moreDownload the report: PDF
If you had to accurately tell someone the balance of your superannuation account without looking it up, could you?
About
As a society, there’s an inherent attitude that exists where an individual’s personal finances is often a taboo topic, something that’s avoided rather than faced head-on. This contributes towards a massive barrier between consumers, and their ability to make a change.
To look at this theory further, especially when it comes to a lack of control with money matters, Compare the Market engaged Deloitte Access Economics to investigate and understand how we can better help consumers with their everyday household finances.
The Financial Consciousness Index (FCI) measures the extent to which a person is not just financially literate, but also whether they are conscious of their ability to affect their own financial outcomes, all the way to their willingness to act, and the extent to which they are able to participate in sophisticated financial matters.
Are Australians more or less motivated in their financial decision making? Do Australians still believe that changes in interest rates affect their financial position? Comparing these results year on year paints an important picture of the inner thoughts and workings of the average Australian.
Compare the Market are committed to helping consumers take a tighter rein on their finances, and drive further conversations around the work that needs to be done to better empower, educate and de-stigmatise how people talk about money.
About
Compare the Market engaged entrepreneur and finance guru Melissa Browne to write an eBook to help everyone improve their financial consciousness. Money made Simples is a handbook with helpful tips, hands-on exercises and digestible information to better understand your attitude towards money.
Each chapter touches on important financial habits that will help boost confidence when making major and minor money decisions:
About
Compare the Market is a comparison service that takes the hard work out of shopping around for a better deal on your insurances, personal finance products, energy needs and more. Let’s be honest, who wants to spend time trawling through multiple websites or having the same conversation again and again with different call centres?
Compare the Market is a one-stop-shop for consumers looking for a simple way to compare and buy from multiple providers. We are here to help you save time and money, and also give you the confidence that you’ve found a great deal, meaning you can get on with the more important things in life.
