Dollars and sense

Analysis

Dollars and sense

Compare the Market’s Financial Consciousness Index

Deloitte Access Economics has developed a Financial Consciousness Index for Compare the Market. It measures the extent to which a person is not just financially literate, but whether they are conscious of their ability to affect their own financial outcomes.

Think about your financial position. How do you feel about it? Good? Bad? Maybe you are even impartial. If you had to accurately tell someone the balance of your superannuation without looking it up, could you do it?

A lot of us couldn’t. Not because we are financially illiterate or don’t care, we are simply busy and prioritise knowing other information–what is going on at work, what is happening in the lives of our family and friends, our health and our education. But why is this the case?

It is a good question that deserves an answer–and Compare the Market engaged Deloitte Access Economics to help answer it by developing a Financial Consciousness Index (FCI) to be measured overtime and track how Australia fares.

The Financial Consciousness Index measures the extent to which a person is not just financially literate, but whether they are conscious of their ability to affect their own financial outcomes, all the way to their willingness to act, and the extent to which they are able to participate in sophisticated financial matters.

Published: September 2018

Compare the Market’s Financial Consciousness Index
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