Understanding everyday money skills for young people with disabilities
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Financial literacy is commonly recognised as referring to the skills, knowledge and confidence that support individuals making informed and effective decisions about the use and management of their money across a range of contexts. Financial literacy is not static but grows and expands throughout life. It requires the integration of basic maths, personal experience, attitudes and values along with the use of both cognitive and practical financial literacy skills. And critically, it requires confidence to ask questions, seek advice and make decisions (OECD, 2013). Increasingly countries, including Australia, have become concerned about the level of financial literacy evident in their populations (Financial Literacy Foundation, 2007; OECD, 2013; Orton, 2007; Worthington, 2013). Barriers to understanding and accessing financial services are experienced by many. However, people who are socially and economically disadvantaged and those with literacy and numeracy difficulties are likely to face the biggest hurdles with understanding and access (Conroy & O'Leary, 2005; SEDI, 2008). Poor financial literacy, financial hardship and financial exclusion are often intertwined with social exclusion. However, improving financial literacy can positively impact individuals through the promotion of financial resilience, and by improving financial decision making, asset building and social engagement (Drew, 2013; Mittapalli, 2009).
©  Flinders University / Australian Industrial Transformation Institute