The adviser helping young Aussies be confident around money
With Australians increasingly reluctant to discuss finances, an online financial literacy course hopes to empower young people when it comes to their money matters.
Recently launched by Sydney-based adviser Jessica Brady, the Greenhouse would be a 10-week online course covering topics like investments and risks, understanding cashflow, property investing, and estate planning.
“Through my experience, I know that seeking financial advice can be daunting and expensive which is why I want to help young people get ahead without breaking the bank,” Brady said.
“Knowledge is power and lifting the veil on how to build wealth, create realistic financial goals and manage money without shame or guilt will support creating better equality for all.”
According to research commissioned by Brady, just one in seven Australians believed money was a topic to be openly discussed.
The discomfort around money talk extended to relationships, with over half of Australians under the age of 35 likely to be uncomfortable discussing these matters with their partner.
Some 80% of Australians agreed that financial issues were the leading cause of relationship breakdowns and 59% of Gen Z said it was negatively affecting their mental health compared to 42% of baby boomers.
For Brady, a licensed adviser with over 16 years of experience in financial services including roles at Commonwealth Bank, Zurich, and Macquarie Bank, financial literacy courses like the Greenhouse were important in helping young people take control of their money.
“That’s the primary driver for building the Greenhouse. Like every millennial knows, growing plants can often be a tricky task, but with the right amount of care, knowledge and patience you can nurture a plant to grow and flourish – the same principles can apply to building wealth,” she said.
Such discussions would become even more crucial as cost-of-living concerns persisted, increasingly affecting Australians who were having to cut out items they previously considered essential (33%).
Brady elaborated: “It’s clear younger Australians are feeling the impact of the rising cost of living and are cutting back.
“Supposedly the wealth that was accrued during COVID-19 was not shared by millennials or Gen Z.
“Given the rise in stress and impact to their financial goals, there has never been a better time to learn how to use your money wisely and build wealth for the long term.”
Gender gap
Interestingly, the commissioned research found that women were more likely to be stressed by rising costs than men (46% v 34%) although men were more likely to go into a financial hardship arrangement with their lender or bank or need to sell an asset.
The gender gap was also observed when it came to investments with men more likely (71%) than women to have invested money in their own name.
Women were also more likely to say that managing their finances as a result of rising cost-of-living pressures had negatively impacted their relationships (36% v 23%).
Additionally, those who identified as being part of the LGBTQI+ community were more likely (58%) than those who didn’t (36%) to report back they were uncomfortable to discuss financial matters with their partner.
Brady added: “I truly believe that we can improve the financial literacy of all Australians, help them build strong financial skills, feel more confident discussing money and taking action on their goals - creating a more prosperous, thriving community which benefits all.”
AUTHOR
Rhea Nath
Recommended for you
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.
