It’s never too early to think about your financial future.
This is the message from the FAAA’s financial literacy workshops, delivered by members in schools and community groups. They are proving a great way to help Australians better understand financial concepts.
A number of members have already taken advantage of the resources offered by the FAAA to help those in their community including younger Australians.
Building financial foundations early
Dawn Thomas CFP® from The Wealth Advisers in Perth says with financial literacy falling in Australia, she feels it is increasingly important to support young people in building their understanding and awareness of finance and money.
“The workshops mean you can help students lay the foundations for a solid financial future. They haven’t made any bad financial decisions yet, so it’s a great time to set them on the right path.
Practical money skills for real life
“Things like understanding payslips, knowing about superannuation, and budgeting, are really important – the choice they make now can have a long-term impact, and it’s never too early to start thinking about your financial future.”
FAAA member Lydia Toghill from Collins SBA in Hobart says many young people start learning about money through trial and error.
“I’ve been working with a charity that was looking for support to help improve financial literacy for disadvantaged young people aged between 15 and 25. We recognised that many young people – and even adults in the community – haven’t had access to clear, practical financial education.
“In the workshops we outlined simple, practical tools to help them feel more confident managing everyday financial decisions, particularly for those who may not have the guidance or support at home that others do.”
Lydia says good financial literacy helps young people navigate key life decisions such as employment, managing income, understanding tax, dealing with debt and building savings.
“Many young Australians report feeling unprepared for financial responsibilities because these topics aren’t always taught in school in a practical way. The feedback from those who took part was really positive, and they said the workshops helped them understand everyday financial topics.
“One interesting insight was how many young people weren’t sure about the basics, things like why we actually pay tax, how to check their super contributions (or what super was for), or when they might need an accountant or financial adviser. It highlighted that the biggest gaps are often in practical, real-life knowledge rather than complex financial concepts.”
Supporting communities and inspiring future advisers
Dawn adds that another benefit is showing exactly what a financial adviser does.
“I’ve seen lots of interest from students in financial advice as a career, which is fantastic.”
The workshop package developed by the FAAA contains:
- A letter template to send to high schools
- Pre-workshop checklist
- PowerPoint presentation
- Accompanying leaders guide
- Student handout
“The pack has all the information you need for the workshops, and you can then tailor it depending on who you are talking to,” says Dawn. “I’ve also presented to a local sporting club of young women, and I’ve been speaking to a local gym about presenting to members who are small business owners.”
The Money & Life Financial Literacy Workshop pack can be requested here.
