Most lack understanding on money matters

A study by the Commonwealth Bank, Monash University and Eureka Strategic Research linked poor understanding of money matters to sleeplessness, increased smoking, personal stress and trouble paying bills. Of the 5,000 people surveyed, those with the worst financial literacy scores were more likely to be men (56 per cent), in low-income households (44 per cent on less than $50,000), aged 16 to 20 (39 per cent), students (30 per cent) or unemployed (7 per cent). Improving the knowledge of the most financially illiterate could boost the economy by $6 billion a year and create 16,000 new jobs, the researchers asserted.