Population confident but ill-informed on finance

Around 60 per cent of Australians consider themselves financially literate. But only 18 per cent know the difference between a franked dividend and an unfranked dividend, and only 23 per cent are confident reading a balance sheet. 80 per cent of people say they get financial information from the media, and 38 per cent from financial professionals. The Institute of Chartered Accountants conducted the survey.