Young Australians Show Strong Money Sense, Eager to Learn More

NAB banker Claudia Dior mentioned that these findings go against common beliefs about how adolescents handle their finances.

A stock photo of a money box with an Australian one hundred dollar note printed on it in Sydney, Australia on Dec. 21, 2024. AAP Image/Bianca De Marchi

Australian teenagers are showing impressive confidence in handling their finances, with many already engaging in smart money habits such as budgeting and tracking expenses, according to data from NAB Economics.

According to the report, 70 percent of high school students say they are confident opening a bank account. Over 60 percent also feel comfortable tracking expenses, managing their money, creating budgets, and setting financial goals.

NAB banker Claudia Dior mentioned that these findings go against common beliefs about how adolescents handle their finances.

“They’ve grown up during significant economic shifts. Many of them have seen their parents flex their budgeting muscles, and they’re eager to learn how to set themselves up for success,” Dior said.

“They’re using their digital fluency to self-source their own financial knowledge, but it’s crucial they find the information through legitimate sources.”

She added that today’s teens are asking sharper questions around banking and long-term financial planning—something that was far less common a decade ago.

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

Rising Entrepreneurial Spirit Among Teenagers

Meanwhile, entrepreneurial ambition is also on the rise.

According to NAB Economics, nearly half of Australian high school students now express a desire to start their own business after finishing school—an increase from one in three in 2023. The numbers show that 52 percent of boys and 41 percent of girls want to become business owners.

This trend reflects a shift in how young Australians define success. Around 60 percent of surveyed students said achieving a balance between work, study, and personal life is the most important indicator of success—not just income or job titles.

These insights are part of NAB’s “Life After School” report, the final edition of its Education Insights Series.

The report includes responses from secondary students across various school types—public, private, independent, and Catholic—giving a broad picture of how young Australians view their futures and the role schools can play in supporting them.

NAB Executive Business Metro and Specialised Julie Rynski said that the research results are a reason to be optimistic about Australia’s future and a sign of progress.

She believes that “having a go” has long been part of Australia’s mindset, and she is heartened to see ambition in the results.

“Economic cycles come and go but it’s always a good time to start a business—to have a go at building something of your own. That’s the essence of entrepreneurship and I see that in NAB’s business customers every day,” Rynski said.

One example of a young entrepreneur is Morgan Hipworth. He started cooking at 15 and now owns two restaurants, Bistro Morgan and Maven by Morgan.

He shared that his journey wasn’t just about launching a business—it was about passion and a dream. 

“This research shows that they’re backing themselves, and that’s exciting. If you’ve got an idea, go for it. The worst that can happen is you learn something and that’s never a bad thing,” Morgan said.

Ray Swann, deputy headmaster of Brighton Grammar School and leader of the school’s education research centre, said that the positive outlook shown in NAB’s research aligns with what the school is observing in students today.

“Part of our role, as schools, is to ensure that hope is only strengthened through learning environments that provide the balance between challenge and support,” said Swann.

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

According to Wisr’s latest “Money On Your Mind” report, Australians of all ages are feeling the impact of rising living costs, inflation, and interest rates. The report surveyed 3,488 consumers and 718 finance brokers.

While 80 percent of Australians said they feel financially secure, only 63 percent of brokers believe their clients feel the same.

Despite this, financial literacy is on the rise. Around 47 percent of Australians rate their financial literacy as good or exceptional, and 69 percent have taken steps to improve their money knowledge in 2024.

Most Australians continue to prioritise improving their finances, with 70 percent focusing on saving and growing wealth, 44 percent aiming to pay down debt, another 44 percent cutting back on spending, and 41 percent seeking to increase their income.

“Despite consumers facing a number of challenges in 2024, it appears Australians are ready to put their financial futures first and take action in 2025. The simple act of taking the time to establish goals is a great way for Aussies to set themselves up for long-term financial success,” said James Goodwin, chief growth officer at Wisr.