Young Australians want to show a strong sense of money and learn more

“They grew up amid major economic changes. Many of them have seen their parents bending budget lines, and they want to learn how to set themselves up for success,” Dior said.

“They use digital encylists to introduce themselves to their financial knowledge, but finding information through legitimate sources is important.”

She added that teens today are asking more insightful questions about banking and long-term financial planning.

To further support the next generation of financially savvy Australians, Dior suggests that parents focus on practical tools like banking apps, budgeting techniques, and household expenses such as bills.

Entrepreneurship among teenagers

Meanwhile, entrepreneurs’ ambitions are also increasing.

According to NAB Economics, almost half of Australian high school students express their desire to start their own business after graduating from school. This is up from one in three in 2023.

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This trend reflects a shift in how young Australians define success. Approximately 60% of the students surveyed stated that achieving a balance between work, research and personal life is the most important indicator of success. Not only that, it is not a title for income or work.

These insights are part of NAB’s Life After School report, the final version of the Educational Insights series.

The report includes responses from middle school students, various school types that paint a broad picture of how young Australians see their future and how schools play a useful role in supporting them.

NAB Executive Business Metro and expert Julie Lindski said the findings are the reasons for being optimistic about Australia’s future and signs of progress.

She believes that “going” has long been part of Australia’s thinking and keeps her mind in seeing ambition in the outcome.

“The economic cycles come and go, but it’s always a good time to start a business. You’ll be challenging to create something of your own. That’s the essence of entrepreneurship, and with NAB’s business customers, you see it every day,” Lindski said.

An example of a young entrepreneur is Morgan Hipworth. He began cooking at the age of 15 and currently owns two restaurants: Bistro Morgan and Maven.

He shared that his journey was not only a business launch, but a passion and dream.

“This research shows that they stand for themselves, and that’s exciting. If you have an idea, go for it. The worst thing is that you learn something, and that’s not a bad thing,” Morgan said.

Ray Swan, vice principal at Bright Glamer School and leader of the school’s Educational Research Center, said the positive outlook presented in NAB’s research is consistent with what the school is observing with today’s students.

“Part of our role as a school is to ensure that hopes are only strengthened through a learning environment that balances challenges and support,” Swann said.

However, while the outlook for teens is bright, the challenges remain.

According to WISR’s latest Money on Your Mind report, Australians of all ages feel the impact of rising costs of living, inflation and interest rates. The report looked at 3,488 consumers and 718 financial brokers.

80% of Australians felt financially safe, but only 63% of brokers think their clients feel the same.

Nevertheless, financial literacy is on the rise. Approximately 47% of Australians rate financial literacy as good or exceptional, with 69% taking steps to improve their financial knowledge in 2024.

Most Australians continue to prioritize fiscal improvements, with 70% focusing on wealth savings and increased wealth, 44% seeking to pay off their debts, another 44% cut their spending and 41% seeking to increase their income.

“Despite the many challenges facing consumers in 2024, Australians seem prepared to put financial futures first and take action in 2025.