September 8th marks International Literacy Day, a global event created to highlight the importance of reading and writing. In our modern times, literacy extends beyond the ability to understand words on a page. It also includes the ability to navigate the online realm (digital literacy), as well as financial literacy. Being ‘literate’ on every level has the power to contribute to personal growth, economic opportunities and social inclusion. It also fosters positive wellbeing and personal security.

The importance of financial literacy

Being financially literate refers to the ability to understand and use money to your advantage, including personal financial management, budgeting, planning and investing. 

Financial literacy affects almost every aspect of your life. Without it, you might find yourself frequently running out of money between paydays, missing opportunities to invest and grow your wealth, or ending up with a level of debt that affects your quality of life. 

On the other hand, being financially literate can empower you to make smarter choices, feel less stress about money and ultimately build a more secure and prosperous future for yourself, and your family.

Financial literacy in Australia

While studies have found Australia is among the top ten countries for financial literacy, statistics suggest there are still 8.5 million adults who struggle in this area, and there is a large gap in financial literacy between men and women. 

According to a report from the University of WA, within Australia, 63% of men and only 48% of women demonstrate an understanding of key basic financial literacy concepts. What’s more, a 2022 investigation conducted in Queensland schools found students are generally lacking in personal finance knowledge. 

These gaps highlight the pressing need for improved financial education, particularly among young people beginning their personal finance journey.

Australian resources to improve your financial literacy

It’s up to you to take better control of your money by boosting your financial literacy, but there are people who make it their mission to help and explain everything in easy-to-understand terms. Apart from the resources we have on offer at WTB, here are some resources published or endorsed by the Australian Government: 

  • ASIC’s MoneySmart: Fact sheets and publications to help manage money better – a great place to start if you’re looking for guidance on budgeting, saving, and investing.
  • Talk Money: Resources to help young people understand the basics of money management.

Other Australian Financial Books, Podcasts and Publications:

How Woolworths Team Bank supports financial literacy

At Woolworths Team Bank, we understand the importance of financial literacy and are committed to helping our members improve their financial skills and knowledge. We offer resources and services designed to support your financial journey, no matter where you’re starting from.

These include: 

It’s never too early or late to take an interest in financial literacy and move towards a more secure and stress-free future. At WTB, we’re here to support you every step of the way. 

Whether you’re looking to learn the basics or dive deeper into financial planning, we encourage you to explore our resources, attend our workshops or reach out to us directly for personalised advice. 

This International Literacy Day, take the first step to better financial wellbeing – your future self will thank you.