Media release
One in four Aussie parents too embarrassed to teach kids about managing money
Date: 20/05/2024
New research from lender Salt & Lime shows that while most Australians think it’s the parents’ responsibility to teach children about money, less than half (47%) say they are very confident they can
do the job.
A quarter of Australian parent (25%) avoid teaching their children about managing their money due to their own lack of knowledge or because their own finances are poor.
The Salt & Lime research shows almost all Aussies believe someone should be teaching children about money but there are differing ideas about who that should be.
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98% of Aussies believe someone should be teaching children about money.
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49% believe parents should take primary responsibility.
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24% believe schools should take primary responsibility.
The research reveals just half of Australians say someone taught them about money.
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53% of Aussies said someone taught them about money.
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42% learnt completely on their own.
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Just 28% learnt from their parents or guardians.
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Remarkably, 900,000 Aussies admit first learning about money from social media influencers.
Baby boomers are the generation most likely to be self-taught (57%) while 34% of Gen Z admit to being self-taught.
Gen X parents are the most confident about teaching their children about money management (68%) while just (39%) of Millennial parents are very confident about teaching their children about finances.
Salt & Lime CE0 and Co-founder, Will Kiln says too many Australians are missing out on financial education.
“It is very difficult for people to choose the right financial products when they lack understanding on the basics like lending, saving and budgeting.”
“Unfortunately, people are not being taught these things in schools and many parents are avoiding teaching their children because they are not confident themselves.”
The research also reveals half of Australians who have a partner, argue with their partner over money.
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18% argue because their partner spends more than they do.
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13% argue because they pay more of household expenses than their partner does.
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9% argue because their partner keeps finances secret.
Millennial couples are more likely to argue over money (69%), compared to Gen Z (53%), Gen X (43%) and Baby Boomers (35%).
“Banks and other lenders need to step up to ensure customers are not falling into inappropriate loans with punishing interest rates, high fees, and restrictive conditions. Just having terms and conditions is not enough.”
Salt & Lime is a socially responsible lender that offers interest rate discounts of up to 5.5% for customers who complete financial education modules and set automatic loan repayments.
“More than 80% of our customers complete the online financial education lessons because there is a clear financial incentive.”
Media contract:
David Breen, DB Media Group
This study was conducted online between 1th – 5th March 2024 by YouGov. The sample comprised of a nationally representative sample of 1,021 Australians aged 18 years or older. Following the completion of interviewing, the data was weighted by age, gender, and region to reflect the latest ABS population estimates.
