Financial Literacy: Why it matters and how to gain it

Written By Belinda Young

Financial literacy is about much more than budgeting or balancing a bank account. It is about understanding how financial decisions made today can affect opportunities, security and wellbeing in the years ahead.

This can be particularly important for parents and carers who take on the role of primary caregiver within a family. While caring responsibilities provide enormous value to families and communities, they can also impact income, career progression, superannuation, savings and long-term financial security. Decisions made during these years may have consequences that are not always immediately visible, but can affect financial wellbeing decades into the future.

Understanding topics such as budgeting, debt, superannuation, insurance, financial rights, estate planning and retirement planning helps people make informed decisions and advocate for their own financial interests. It can also help individuals navigate significant life events such as relationship changes, illness, caring responsibilities, returning to work or retirement.

The purpose of this resource is not to tell people what financial decisions they should make. Rather, it is to provide access to trusted information that can help people ask informed questions, understand their options and feel more confident about their financial future.

The resources included here have been developed by reputable Australian organisations and cover a range of topics relevant to individuals and families at different stages of life.

1. Moneysmart (ASIC)

This is probably the gold standard. It is independent, free, Australian and not trying to sell anything. Their calculators and tools are particularly useful.

Topics include:

  • Budgeting

  • Saving

  • Credit cards and debt

  • Home loans

  • Insurance

  • Superannuation

  • Retirement planning

  • Scams and fraud

They also have excellent calculators for:

  • Budgeting

  • Mortgage repayments

  • Compound interest

  • Superannuation projections

  • Debt repayment planning

For many people, this is the best first stop.

2. National Debt Helpline

Many people think this service is only for people in crisis, but it also has fantastic practical information about:

  • Managing debt

  • Utility hardship programs

  • Buy Now Pay Later

  • Credit scores

  • Financial abuse

  • Separation and money

The financial counsellors are free and independent.

3. Women's Health East – Money Matters

You've already found these, but what I like is that they are written with women's experiences in mind. They acknowledge realities like caring responsibilities, career interruptions and relationship changes.

4. Women's Information and Referral Exchange (WIRE)

WIRE has resources around:

  • Financial independence

  • Separation

  • Family violence

  • Returning to work

  • Building confidence with money

They also run programs specifically for women navigating major life transitions.

5. Women & Money: Building Financial Futures

This site brings together a range of women-focused financial resources and links to other reputable organisations. It is particularly useful for finding resources beyond basic budgeting.

6. Services Australia Financial Information Service (FIS)

A surprisingly underused service.

They provide free education sessions and information about:

  • Superannuation

  • Retirement planning

  • Investments

  • Centrelink interactions

Importantly, they provide information, not financial advice.

7. Women's Legal Service Victoria

Particularly valuable for:

  • Separation

  • Property settlements

  • Financial abuse

  • Understanding financial rights within relationships

Many women discover financial literacy and legal literacy are deeply connected.

Belinda Young
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