WA Super News

What’s your excuse for not learning to make better financial decisions?

12/07/2018

Dog eaten homeworkHere’s a startling statistic: over a third of Aussies learn about personal financial management for the first time when they’re an adult*. Many of those people have reasons about why they haven’t taken the reins and learned how to make better financial decisions for themselves. At WA Super, we’ve heard every excuse in the book. And to be honest, most of them are pretty easy to rebut.

I don’t have time

Our educational videos through Money101 take under 15 minutes to work through. Many take less than 10. You can work through them on your tablet while you’re on the bus, when you’re bored on your lunch break, or in the ad breaks of your favourite TV show. The units are designed to pack a whole lot of learning in to a short amount of time – you’d be surprised at how much you can pick up!

I’m no good at maths

Numeracy (the ability to understand and work with numbers) is just a small part of the puzzle. And these days, who doesn’t just use the calculator on their phone anyway?! Jokes aside, financial literacy means understanding how financial systems work, the features and benefits of different products, and how to make informed financial decisions. For a lot of the decisions you make, you’ll barely have to think about the maths.

Classes cost too much

Right now, you’ve got access to our educational videos completely free of charge! And you don’t have to go to a uni campus or fancy hotel conference room to start learning. Head to our website 

I’m doing OK so far without those skills

There’s a big difference between keeping your head above water and doing really well. Plus chances are, you’ve got financial milestones in your future (buying a house, planning for retirement etc.) that’ll take more than your current skill set. If you want to improve your financial position (not just scrape by), it’s a good idea to start learning how to make that happen.

It’s too late for me to learn

No matter how old you are, there’s always something to learn and there’s always a way to improve your financial position. Only got a few years left before retirement? Learn how to maximise your retirement savings, transition to retirement, and get the most out of your pension and super. Already retired? Learn how to save money on a fixed income, arrange your investments in a tax effective manner, and plan ahead for possible aged care options.

I don’t make enough money to worry about financial management

It’s a common myth that financial management is only for people who’ve already got a lot of money. This couldn’t be further from the truth. Even people on low incomes with very tight budgets can improve their day-to-day finances and plan for their futures. In fact, careful planning might be even more important for them! You may be surprised to learn that you can do things like investing on a relatively small budget.

I forgot/dog ate my homework!

You know you’re scraping the bottom of the barrel when you come up with these excuses. Try a unit today – your future you will thank you for it!

Source: *Financial Literacy Foundation. 

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