Financial literacy goes well beyond saving and borrowing. Surveys by Wealth Know How, a free financial website for consumers, highlight that most Australians want to build their savings, make sound investment decisions and manage their debts.
“However, understanding where to get the right information and how to use it is the tough part in making informed decisions” says Wealth Know How co-founder George Lucas.
Lucas adds: “We provide an avenue via our free Wealth Know How videos online that makes wealth creation education easy to view and digest. We also understand that financial literacy is not just about numeracy – even if someone is good with numbers, they might not be good at managing money.”
“One of the most watched videos on our Wealth Know How website is on savings and paying debt. Although this might seem a basic concept, it is important for consumers to understand that you will rarely be able to earn more on your savings than you will pay on your borrowings. So, as a rule of thumb, plan to pay off your debts before you start to save.”
Wealth Know How addresses the fact that financial literacy is about people gaining a practical understanding of financial matters easily.
Phaedon Vass Co-Founder says “People need to be educated enough to understand the consequences of their own behaviours and how their actions will affect their financial well-being”.
“Talking about broader financial literacy, we all agree that everyone needs to think about the way they want to bank or save or invest however people should also understand what products and services best suit their needs. Busy lives mean also that even if we do decide to educate ourselves on financial matters we only want that education in short, sharp sessions.”
“Additionally the information needs to be unbiased, without a product push and delivered 24/7. Increasingly consumers are also telling us they want information delivered via quick videos. At Wealth Know How we know why video has the greatest uptake of all global Internet communication, it is because it engages with viewers.”
