ASIC Commissioner Sean Hughes

With the under 21 demographic priced out of financial advice, ASIC has released a new website to help boost financial literacy in the next generation of adults.

The corporate regulator’s new Get Moneysmart website covers making decisions with money, managing debt and planning for the future (moving out of home, car loans, weddings and even owning a pet).

Perhaps most importantly, it touches upon contemporary issues such as dealing with debt from buy now/pay later services.

“Many young Australians are active consumers with multifaceted financial lives,” ASIC commissioner Sean Hughes said in a media release on the launch of the website.

“They are handling money, setting savings goals, shopping online, using debit cards and making payments with their phones. As they move into their final years of school, they are making decisions around pursuing further education, employment, and moving out of home.”

The site is a spin-off of the pre-existing Moneysmart website which is known for general financial tips as well as giving consumers access to the Financial Adviser Register.

Finding a solution

The resource is the final product of a 3,000-strong survey of 15- to 21-year-olds conducted by ASIC to better understand the money challenges young Australians face.

The survey found 57 per cent of young people want to learn more about investing while 54 per cent wanted to make the most of their money.

Ongoing on research conducted by the regulator created the foundation of a report released last December which identified post-school financial education as a means for improving financial literacy.

“Young people are learning about money at school, and consumer and financial literacy education is embedded in the Australian Curriculum,” the report said.

“While schools will continue to play a meaningful role in delivering financial education, lessons young Australians learn outside of the school environment are just as important in shaping the behaviours that contribute to their financial wellbeing.”