The report, the fifth published since 2003, also identified rapid growth in online payments across all age groups. Although more common in Australians under 40 (88 per cent), online payments for those over the age of 70 increased from 18 per cent in 2011 to 32 per cent in 2014.
ANZ CEO Mike Smith said: “The growth of digital is changing the way people do their banking and make payments. Online channels are making it easier for people to access information, shop around and compare financial products.
“We commissioned the survey to understand the groups in Australia who are most at risk and the products or behaviours that may be causing problems or need attention. Good financial literacy helps people make better choices about their money, realise their goals and build their financial self-reliance and independence.”
Mr Smith also welcomed the Federal Government’s commitment of $29.4 million in funding over five years to the bank’s financial literacy program Saver Plus.
“This funding is vital in order to continue the good work the Saver Plus program has achieved within the community over the past decade, it will help us educate thousands more Australians on how to better manage their money.”
ANZ Survey of Adult Financial Literacy in Australia – key findings
Use of digital:
Nearly three quarters of people use online banking, up from 63% in 2011
Use of mobile and tablets has almost quadrupled from 14% in 2011 to 53% in 2014
88% (aged under 40) pay for goods and services online, online payments for those over 70 jumped from 18% to 32% in 2014
Saving and financial control:
Information and advice:
Trust in financial professionals has declined since 2011 from 51% to 48%
46% of internet users (40% of population) use a website, online calculator or mobile app to compare financial products
Investing and superannuation:
Three quarters of people have super, those in one fund only has risen from 59% in 2011 to 63% in 2014
Those who could not recognise an investment as ‘too good to be true’ fell from 53% in 2011 to 50% in 2014