“Financial literacy isn’t an innate skill, it’s something you must be taught.”
FSU National Policy Officer Angela Budai unpacks the importance of financial literacy for women and people with disadvantaged backgrounds.
Angela said it’s critical to highlight the importance of financial literacy within the school curriculum, as early as primary school.
“If you come from a disadvantaged background and you never learned how to manage money, or perhaps there’s violence or gambling addiction, you’re already starting life at a disadvantage,” she said.
Along with those from disadvantaged backgrounds, women are also at risk for poor financial literacy.
“The statistics show that on average, the person who is more likely to be impacted by coercive or financial control is going to be a woman. This is particularly true for older women and women with children.”
Angela believes financial literacy and the gender pay gap are intertwined, and until we have gender equality, we will still have this disparity. For instance, there is still a 30% gender pay gap in the finance sector.
Ensuring equal access to financial literacy education is crucial. It not only fosters a highly skilled workforce but also promotes equal opportunities for all.
“Until we have equality, until there is no gender pay gap… Women are going to be disproportionately impacted by a lack of financial literacy because they just don’t have access to the same amount of money.”
Originally published in the Future Skills Organisation newsletter.
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