September 25, 2020

The need for Financial Literacy in achieving your money goals

How much do you really know about money? And your money in particular?
It seems to make the world go round and it definitely makes our lives easier having it, but for something that is a big focus in our everyday lives, a large majority of Australians are not well versed in financial literacy.

Unless you know someone who works in finance or you studied it at university, chances are you never learnt the fundamentals of finance and setting, managing and achieving your financial goals - and you're not the only one!

It might be surprising to know that in Australia, 1 in 3 adult men and 1 in 2 adult women do not understand key financial literacy concepts, that's around 8.5 million Australian adults! While those under the age of 25 are the least financially literate. The thing is, financial literacy is relevant every day that you tap your credit card, hand over cash or log into your internet banking making it even more important.

Financial literacy is an important determinant in a range of life-shaping outcomes including wealth accumulation, planning for retirement, superannuation savings, and women's economic empowerment. Yet a person can't make the right financial decisions on credit cards, education loans and savings if they don't understand the basic principles or what is involved.

Financial literacy consists of 5 key components that those wishing to become literate should focus on. These include:

  • Keeping track of your finances
  • Planning ahead
  • Choosing financial products
  • Staying informed
  • Having financial control

Helix Planning has helped many people that were concerned, confused and overwhelmed when it came to managing their money. Many just don't know where to start and don't have the right tools and resources to do so.

Actions you can take to boost your financial literacy include:

  • Determining your cash flow
  • Creating a budget
  • Tracking your spending
  • Setting money goals

With the above tasks and the average person in mind - who we know has a busy schedule and a life to live - we have created How to "boss" your finances in less than 10 minutes per day. This interactive 3 module course that will teach you how to manage your money in just 10 minutes a day, at your own pace and in your own time.

There's no need to put off managing your money any longer! We have made sure to make the process easy, interesting and empowering, you might even enjoy the process!

Want to know more about how you can boss your finances?
You can find the course details here.

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