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According to the findings of Compare The Market’s Financial Consciousness Index, it doesn’t look like our financial literacy report card is much improved. But rather than trying to shame Australians into getting smarter, we might try doing a better job of educating and encouraging them.

If this ANZ review is on the money, and financial literacy is a benefit for financial service providers as well as consumers, then banks have a vested interest in helping their customers get smarter. Yet Australians still aren’t skilling up money-wise. Even setting up a national financial literacy strategy doesn’t appear to have had much of an impact.

Financial literacy: how we’re faring in 2018

The Financial Consciousness Index (FCI) study is the latest in a long line of surveys that highlight a big, dark gap in our national financial literacy. Commissioned by comparethemarket.com.au and undertaken by Deloitte Access Economics, it polled people on a range of subjects from compound interest to investment diversification, superannuation and budgeting. It found the average Australian was scoring 51.2 out of 100, putting them right in the middle of the Index.



Bob Withers