The Taskforce held stakeholder and public meetings in Sydney on Friday 25 June.
Paul Clitheroe and Taskforce members Peter Kell (Australian Consumers’
Association), Craig Dunn (AMP Australia), and Roseanne Hunt (Finance First,
YWCA of Sydney) received valuable insights into financial literacy problems.
There was overwhelming concern expressed about high credit card debts faced
by many young adults and the pressure placed on their parents to bail them out.
Most agreed with Paul’s assessment that the best way to address such problems
is through education programs that effect long term cultural change.
Understanding credit card debt
Jenny and her husband, Alan, have a son in his early twenties. They are
worried about his escalating credit card debt. Their son only makes the
required minimum repayment each month and he does not acknowledge that the
balance on his card is growing due to the impact of compound interest. Jenny
tries to teach her son the importance of budgeting and long term planning
but she sometimes feels that he takes money for granted.
Follow the links on the thumbnails to full size images.
School teacher, Mr Naiker, talks to Paul Clitheroe about a financial literacy
teaching program he has developed.
Paul Clitheroe was pleased to meet the three generations of Williams -
Walter, Collin and Joel – who are an excellent example of how good
financial literacy skills and a positive attitude to money tend to be
passed down from generation to generation.