By analysing the financial education offerings in Australia, financial education experts have found that, despite the hype surrounding financial education, it’s far from the gold standard that its been made out to be.
The average Australian student spends about $40,000 a year on financial education.
That’s less than half of the average student spending in the United States and almost 10 per cent of the cost of the U.K.’s equivalent.
Yet despite the fact that the average cost of a U.S. financial education course is only $25,000, the average Australian is likely to spend about $180,000 on their financial education over the course of their financial year.
That’s because of the many costs of financial education: financial literacy, finance management, financial planning, financial counselling, and financial management.
And unlike the U., where financial education is free, in Australia students must pay a fee for the privilege of attending an Australian institution of higher learning.
There are also a range of fees and restrictions that apply to financial education courses, including:• A fee of $100 for the first three years of education, which must be paid by a student, and which can be waived if students can prove they can afford the fees• An annual fee of about $50,000• Fees can be applied towards other fees• Some courses have annual fee caps• Financial advisers are not permitted to assist students with financial management• Some fees may be waived for those who have demonstrated financial literacy• Fees may be paid directly to the financial institution• Some of the fees are subject to approval by the university.
It’s a complex world, and some students may not have the skills to understand how financial management works.
But what if you can’t manage your own finances?
If you’re a financial educator who can’t make a living in the field, what should you do?
How to manage money with a financial education You need to be able to manage a range, if not all, of your finances and you also need to have the confidence to work out how to achieve your financial goals.
You can learn a lot about yourself and your finances by working with your financial adviser.
It’s important to get advice from a professional who has the skills and knowledge to make decisions on your behalf.
You should also keep in mind that financial education doesn’t have to be for everyone.
You can work with your advisor to work on your own financial goals and you can always opt for a financial counselling service to help you achieve your goals.
In addition, there are some fees that can be paid to financial institutions that are not included in the fees listed above.
For example, if you want to learn about a particular asset class, it may be more efficient to have a financial adviser or financial planner offer advice about the asset class and a range to your financial situation.
For more advice on managing money, check out our guide to managing your money with financial education