About MoneySmart Week
MoneySmart Week (1 – 7 September) is an independent, not-for-profit initiative promoting the importance of financial literacy.
It was set up in 2012 by members of the Australian Government Financial Literacy Board. The group, led by Paul Clitheroe AM, created a new not-for-profit company, Financial Literacy Australia Limited, specifically to run the initiative.
More than 50 organisations from the community, corporate and public sectors participate in, and support, the event.
The purpose of the MoneySmart Week is to get all Australians to take a simple step towards improving their financial wellbeing. A good place to start is to give yourself a ‘Money Health Check’ at moneysmartweek.org.au
The Money Health Check The Money Health
Check will help you take control of your money and give you some pointers to help improve your money health.
The health check asks you simple questions in relation to your own situation across eight money topics. At the end of each topic the money health check tells you if that money topic is under control or needs attention.
Some financial facts.
- In the mid 1980s only 1 in 4 Australian workers had super. That’s now 9 in 10.
- Online banking has overtaken branch visits as the most popular method of dealing with financial institutions.
- The average first home loan in 1996 was 3 times average annual income. It’s now 6 times average income.
- In the space of 30 years, Australia has gone from having one type of credit card to having hundreds of types of cards, with hundreds of different features to choose from.
So it’s not surprising that financial literacy is more important than ever.
10 THINGS YOU CAN DO TO CELEBRATE MONEY SMART WEEK:
THINK, TALK, ACT ON IT!
1. Reflect on your life goals (Own a home? Travel the world? Or simply get by?). Think in terms of shorter and longer-term goals. As well, consider your needs and wants. Financial planning supports your life and it involves much more than just planning for tomorrow. It’s about the continuum of your life, which includes today!
2. Talk to your life partner. Money often comes last on the list of relationship conversations but it should be a priority and is an essential part of family life planning. Plan now to avoid money being a stressor on your relationship!
3. Talk to your kids. It’s never too early to teach your kids the value of money and the importance of good financial habits.
4. Talk to a financial planning professional who can help you make sense of it all. Financial Planners are trained to help you translate your life goals into meaningful financial strategies and in seeing how all these strategies are connected.
5. Learn something new.
6. Track your spending so you know where that darn money is going. You’d be surprised how you can squeeze out a little savings when you are accountable for every dollar spent.
7. Create a monthly budget.
8. Pay yourself first and start a savings and/or investment program. Even small amounts add up if you save regularly.
9. Pay off debt – especially credit card debt that comes with high interest rates. Keep your credit rating healthy and don’t forget to pay those bills on time!
10. Get help creating a financial plan that looks at the whole picture. It’s never too early to start, nor do you have to be wealthy to have a plan. Planning is for everyone!
11. BONUS TIP: Brainstorm a few of your own ideas of what you can do to celebrate Moneysmart Week and make them meaningful for you. Remember – it’s about your life!
Reference sources for all of the above content – both moneysmart and US financial planning week.
Any advice contained in this webpage is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Please click here PFG Financial Services and Credit Guide V 10.8d to find out more about our financial advice services.