Young Australians need to be prepared now for the next major financial shock as the coronavirus pandemic reveals some families do not understand the long-lasting impact of the decisions they are making, experts say.
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Financial Basics Foundation Chair Brigid Leishman said hundreds of thousands of Australians have been plunged into financial distress since the COVID-19 outbreak and a lack of personal finance knowledge made them vulnerable to more hardship.
Ms Leishman said personal finance should be a standalone subject in high schools to give young people a formal financial education.
“Financial literacy is a critical life skill,” she said.
“We know from last year’s research that less than one in four young Australians under the age of 25 have a basic level of financial understanding and literacy.
“It’s about knowing how to manage your money, spending, saving, investing, making good decisions.
“We know that some…
