Most Aussies don’t understand their finances

Only a bare majority of all Australians aged 14 and over (52.5 per cent) feel confident managing their finances and investments, according to Roy Morgan Research.

The firm said the main factor behind this lack of financial confidence was that one in three people (30.5 per cent) have never taken the time to understand how financial products work, including a quarter of the top 20 per cent of consumers, who used financial services (defined as savings, transactions, loans, card and wealth products) with an average value of A$573,000.

Source: Banking Day

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