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Safety first: RACQ finds youth more risk-averse, even before pandemic

Business

Queensland’s youth are showing signs of being risk-averse and more like their grandparents when it comes to spending and saving, according to a survey by RACQ.

 

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The RACQ expansion into banking has led to the organisation taking on a role that the CBA carried for earlier generations – visiting schools and providing financial literacy.

In the past two years its education officers have visited 140 schools in Queensland and discovered some key information about the youth and their thoughts on money.

Even before the COVID recession, the RACQ’s Cash IQ program found that school-age children value security over risk and that 63 per cent would prefer to receive a guaranteed $500 then rolling the dice for $5000.

Teenagers were keen to save what they could, with 85 percent planning to save at least some of their first pay and 42 per cent wanting to save rather than borrow money for their first car.

RACQ education officer Dave Webber said the current school-age generation of Queenslanders were exposed to so much choice with their money.

“It’s a really tough, complex world out there and many of the students we talk to simply don’t know how to talk about money,” he said.

“Whether you are or aren’t talking to your kids about money, it’s having an impact on how equipped they are to make informed choices.

RACQ this week visited The Gap State High School for the first time since COVID-19 hit, to ensure this year’s senior classes start the next phase of life with financial confidence.

RACQ Education Officer Dave Webber said young Queenslanders who went through the program learnt money isn’t something to be shameful or silent over.

“We want to empower year 11 and 12 students with the skills needed to make informed decisions,” Webber said.

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