financial difficulties

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Coronavirus sparks new push for financial literacy education for Australian young people

Less than one in four young Australians have even a basic understanding of financial literacy, according to the latest Household, Income and Labour Dynamics in Australia (HILDA) survey. This lack of understanding is exacerbating the financial strain caused by COVID-19, given that many young Australians have both low and unstable levels of income. The situation [...]

Poverty saps mental capacity to deal with complex tasks

The cognitive deficit of being preoccupied with money problems was equivalent to a loss of 13 IQ points, losing an entire night's sleep or being a chronic alcoholic, according to the study. The authors say this could explain why poorer people are more likely to make mistakes or bad decisions that exacerbate their financial difficulties. [...]

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