Young people across Newcastle and the Hunter are being encouraged to build stronger financial skills earlier, with new research revealing widespread money stress among Australians aged 16 to 24.
Research from Financial Basics Foundation and Australian Retirement Trust found 82 per cent of young Australians feel stressed about managing money, while 94 per cent believe financial literacy should be taught in schools.
The nationally representative survey of more than 1,000 young Australians found just 21 per cent could correctly answer three basic financial literacy questions.
For Hunter families, schools and young people entering university, apprenticeships or the workforce, the findings highlight the importance of conversations around budgeting, saving, superannuation and everyday money management.
More than four in five respondents, 84 per cent, said they wanted to learn more about money, while 68 per cent turned to family first for financial guidance.
Young people raised in households where money was discussed openly were more than twice as likely to feel on top of their finances, at 55 per cent compared with 26 per cent.
The research also identified a significant gender gap.
Financial confidence among young women fell from 56 per cent at ages 16 to 17 to 34 per cent among those aged 22 to 24.
Over the same period, confidence among young men increased from 50 per cent to 60 per cent.
Financial Basics Foundation CEO Katrina Samios said financial literacy should be treated as an essential life skill.
“Young Australians want to be taught these skills at school before they enter the workforce and parents and carers have an important role to play in helping equip young people with this essential knowledge,” she said.
The survey found 46 per cent of respondents had not learned about finance and money at school, while only 34 per cent said they understood superannuation.
Technology is also changing where young people seek advice, with 15 per cent using artificial intelligence for financial guidance, increasing to 22 per cent among 22 to 24-year-olds.
However, only about one in 10 respondents said they trusted financial information from AI or social media.
The research is now adding to calls for more consistent financial education in Australian schools, giving young people practical skills before they begin managing wages, bills, rent, superannuation and other financial responsibilities.
More news stories:
- Hunter bricklayer urges more women to pick up the tools
- More than 130 students enrol at new Medowie High School
- Dumplings and DJ land at D’Vine Festival
Get all the latest Newcastle news, sport, real estate, entertainment, lifestyle and more delivered straight to your inbox with the Newcastle Weekly Daily Newsletter. Sign up here
