A recent survey commissioned by the ANZ and undertaken by the Social Research Centre found that Australians are increasingly turning to digital platforms to manage their money.
The ANZ 2014 Adult Financial Literacy Survey finds that nearly three quarters of people now bank online, while use of mobile and tablet devices has almost quadrupled (to 53%) in three years. Among other major findings the report also shows:
- 78% of Australian adults feel in control of their financial situation all or most of the time;
- Trust in financial professionals has declined since 2011 from 51% to 48%;
- Three quarters of people have super and the proportion in one fund only has risen from 59% in 2011 to 63% in 2014;
- As in 2011 the groups in the community with lower financial literacy, on average, include those aged under 25 years, those with no formal post secondary education, those employed in lower blue collar occupations and people with relatively low levels of income and assets.
The Social Research Centre is proud of our ongoing involvement in this important research having also undertaken the two previous surveys in 2008 and 2011.
A summary version of the report and the full report are available from the ANZ website.