Is your financial literacy up to scratch?

5 great tips to help you build on your knowledge and take control of your finances.

Do you give much thought to how much you really know about your finances? Maybe you’re just focused on, or even stressed about, getting the bills paid and being able to have enough money to live on.

What you might not realise is that building your own financial literacy can help to improve your financial situation, and as a result, your health and wellbeing.

Financial stress remains the highest stressor for Australians1. Worrying about finances can lead to sleepless nights and anxiety. So understanding your finances better through improved education will enable you to gain more control over your personal financial situation.

What is financial literacy? 

Financial literacy means different things to different people. For some it’s quite broad and involves having an understanding of how your household decisions are affected by the economy and your individual situation. For others, it’s more about basic money management, including budgeting, saving, investing and insurance2

Tips for improving your finances 

1. Put aside some time to get started

There is no better time than now to start improving your knowledge about your finances. Tackle one area at a time. Start with what you’re most interested in learning and you’ll begin to build a solid foundation of financial know-how.

2. Set-up a basic budget

Knowing where you spend your money and how much is a great step toward balancing out your spending and saving. Try our budget calculator tool online today.

3. Avoid the credit card trap

Australian’s currently have more than 16 million credit cards and have an average credit card debt of $4,300. This is a national debt of around $32 billion3! Credit cards are a quick fix to purchasing, but they often come with high interest rates.

Making sure you make the full repayment on time can prevent large amounts of interest being charged. Read more about how to control debt, before it controls you.

4. Find your lost super

With the average national job tenure in Australia across all ages sitting at just over three years4, it’s easy to see why people end up with more than one super account. If you've ever changed your name, address, job, or done casual or part-time work, you may have lost track of where your super is. We can help you find your lost super and consolidate it today.

5. Use the tools and resources available

A great starting point is our Managing your money online learning module, which provides tips on managing your cashflow, saving, organisation and record keeping. The MoneySmart website also offers free and impartial financial guidance and tools. 

We’re here to help

If you’d like advice on how to take control of your finances speak to a financial adviser, or call us on 131 267.

Budget planner calculator

Use our Budget planner calculator to assess your current financial position and how much you may be able to invest. 

Start budgeting today

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© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.