A lack of financial literacy is likely compounding the cost of living crisis for households with new research from Canstar, proving a vast number of Aussies lack the knowledge needed to master basic financial concepts and manage their money.

Unsurprisingly, the majority (60%) of Australians consider themselves to be financially literate, according to a survey of more than 1,000 adults around the country but when put to the test, 46% failed Canstar’s new TestMyMoneyIQ quiz, which is designed to enable Aussies to assess their knowledge of basic financial concepts and get a better understanding of how to manage their money.

Luke is joined by Canstar’s Editor-at-Large and money expert, Effie Zahos who says, “Money is a tricky topic to master, especially in the midst of a cost of living crisis when the stakes are much higher.”

Unfortunately, financial literacy isn’t something that’s widely taught which leaves many Aussies without a core life skill to make appropriate financial decisions.”

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