Sydney, Australia – Financial literacy is much more within reach today with the digital world giving way to a platform where expert content lands freely in the hands of the general audience. However, in Australia, the majority of consumers, or 76%, don’t believe that financial service brands are working hard enough to educate them on financial matters.
The data, gleaned from the latest study by Kantar Australia, also showed that 45% of Aussies want to be more financially confident, an increase of 8% from 2021. Meanwhile, there have been fewer who claim they are more financially knowledgeable (27%) than others, a 33% decrease from last year.
In the present inflationary environment where 55% of Aussies are negative about the country’s economy, consumers are putting a greater preference for brands that help them take control of their finances (44%), up by 8%.
“We know that wealth determines health more than ever before and achieving financial autonomy has never been more complex. Finance goals and life goals are strongly interlinked, and as more Australians reassess their lives, this research clearly reveals the gap between knowledge and decisions. Australians are dreaming of financial independence but there’s a disparity with current realities,” commented Anagha Kanhere, Kantar Australia’s Financial Services lead.
Furthermore, the research revealed that over 2 in 5 Australians wish to be financially independent in five years and think they need at least $1m to retire ‘comfortably’. This rises to 2 in 3 Gen Z and Millennials who think they need at least $2m or more.
Kanhere added, “The overwhelming lack of confidence in brands providing financial education is compounded by the 42% who feel brands don’t make information easy to understand either. This provides an enormous opportunity for brands to support and build trust with Australians.”