00:01Well, Ros, it's tough out there. It's tough out there for everybody, but particularly
00:05for younger Australians, especially ones who have just come out of school and are in sort
00:11of first year of university, just moved out of home. Financial literacy is something that
00:16a lot of younger people that we spoke to for our story reckon is kind of lacking slightly.
00:20A lot didn't fully understand, particularly how to manage their own personal finances,
00:25which is contributing to a bit of financial anxiety, especially, as you know, we're hearing
00:30about housing costs rising and cost of living and inflation and all of that. It is causing
00:36a bit of anxiety. But the good news from all of that is that a lot of young people are
00:40still
00:40pretty optimistic about their futures, even though they're feeling the pressure right now.
00:45So that was a good thing to hear. And yeah, we went out on the street to speak to a
00:48bunch
00:48of young people and find out exactly how they're feeling about now and for the future, their
00:52financial situations. And here's a little bit of what they had to say.
00:56It has been definitely on my mind and every paycheck, I'm like, okay, what can I buy? What
01:00can I not buy? I do think it is something that I am a little bit concerned about because house
01:04prices
01:05seem to just like continually increase, like disproportionately to incomes. Your parents talk
01:10about how they were, you know, looking into moving out at this stage and settling down and building
01:15their families. And like, it just, it seems like it's not like really that achievable anymore,
01:21or maybe it's like starting to slip away. Like you do see like older, more older people,
01:26you know, living at home for longer.
01:28And what are young people doing to make sure they're prepared for the future, Joe?
01:34Well, a lot of young people have, a lot of young people have changed their expectations really of what
01:39they want in the future, especially housing wise, they've sort of brought their expectations down a
01:44bit, which isn't necessarily a bad thing. They're all still happy with what
01:47they want in life and how they want to set themselves up for financial freedom. But
01:51a lot of young people have also turned to saving, which is a key, the first step really of personal
01:58financial management. It is still tough for a lot of young people to save, especially given
02:02rising bills and whatnot. But National Australia Bank released some data recently showing that
02:08Generation Z, 18 to 29 year olds are actually the most committed saving group of any in Australia,
02:13which I think flies in the face of what some older generations may believe. It was 89% of young
02:19women and 85% of young men are actively finding money to put away, even if it is just a
02:24little
02:24bit here and there. But it's a really great start. So young people are out there thinking about what
02:28they can do for their financial futures with the information they have. But there is still a gap in
02:34the education system for financial literacy looking into personal financial management.
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