Editor's note

Australians have some of the highest levels of personal debt in the world, but many don’t understand the terms of their interest-only loans. Others can’t tell when an investment is too good to be true. In the last year of the federal government’s financial literacy strategy, trends are going the wrong way.

This is why, Ross Guest argues, we need to start thinking of financial literacy as a public policy problem. It’s something that benefits the economy as a whole, and reduces the risk for everyone. This is the first in a series on financial literacy that will also look at how to teach kids to think critically about money, and how we can support teachers to do the same.

Josh Nicholas

Deputy Editor Business & Economy

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Financial illiteracy contributed to the last financial crisis. Shutterstock

Financial literacy is a public policy problem

Ross Guest, Griffith University

It's not just individuals who pay for low financial literacy. It also increases financial risks and holds back the economy.

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