Australia has one of the highest costs of living in the world. But it also has a financial literacy problem—some 8.5 million adults in the country struggle with the fundamentals of finance. So if you’re going to be moving Down Under, some free financial education could really help you, with smart ways of spending, saving, and investing money.
At Remitly, we’re keen to help immigrants learn how to use their money wisely and have enough to send back home. So, we’ve prepared this guide to help you make informed money choices. And if you are financially astute, there’s some guidance here on how you can help others.
Understanding the importance of financial literacy
Financial literacy is knowing how to handle your money wisely, including investing, budgeting, and saving. If you can make yourself financially literate, you’ll:
- Enjoy financial well-being, increasing your ability to take care of everyday needs, support your family back at home, handle emergencies, and prepare for retirement.
- Make informed financial decisions such as living in an affordable city.
- Avoid debt by living within your means, finding money to save and securing your future.
- Invest only in things you understand to avoid getting scammed.
- Create multiple ways of making money.
- Be compliant with government rules/laws to avoid unknowingly participating in fraud such as money laundering.
- Develop a good relationship with money to understand it and improve your socio-economic status.
Overview of free resources available in Australia
The Australian government recognises how important financial education is, and that there’s a real need for it. So, it has invested in programs to boost financial literacy. It also supports the private sector to help them provide subsidised financial education programs.
Financial literacy programs and initiatives
Government and community organisations, schools, foundations, universities, and even banks have financial literacy initiatives in Australia. Two of the best-known programs are free:
Saver Plus program
The Brotherhood of St. Laurence (a social justice organisation) and the Australia and New Zealand Banking Group (ANZ), in partnership with The Smith Family and Berry Street, run the Saver Plus program in Australia.
It’s a free, ten-month financial literacy program financed by ANZ and the Australian government to teach parents, and adults who are going back into education, how to develop and maintain a savings culture.
The ANZ and the Australian government support the program to ensure it’s free.
- The government invests in the program (over $51.5 million AUD in 2025).
- ANZ matches participants’ savings, up to a maximum of $500 AUD.
There are quite specific eligibility criteria. But if you’re eligible, the program is 100% online, so you can participate from anywhere in Australia so long as you have internet access.
Moneysmart
The Australian government runs MoneySmart, a free financial literacy program that:
- Offers financial counselling, helping participants plan their money better.
- Supports people struggling with financial crises such as bills, food, debt, and anxiety. They connect you with support systems within Australia, such as the National Debt Helpline, that will help you navigate your debt crisis.
- Teaches you how to grow an emergency fund so you don’t have to borrow money if something happens to you or your family back home.
- Shows you how to manage a low income, reduce costs, live comfortably, and plan your future. You might also be eligible for some free government assistance, including:
- The Adult Migrant English Program (AMEP). The program offers up to 510 hours of English lessons for newcomers.
- Translation services by the Department of Home Affairs.
- Legal information, advice, and referrals via community legal centres.
- Helps you explore your options when you have problems paying your bills.
- Shows you how to grow wealth by buying a home and investing in shares and other avenues.
Organisations offering free community financial literacy workshops and initiatives
There are a host of other organisations running free or subsidised community financial literacy workshops and initiatives, too.
Uniting WA’s Community financial literacy workshops
Uniting WA offers free community financial literacy workshops for clients of community/not-for-profit organisations anywhere in the Greater Perth Region. You can run the workshop at their premises or ask them to visit your location. If your premises are small, consider public spaces like a local church or community hall.
Financial Advice Association Australia (FAAA)
The FAAA (Australia’s professional association for financial advice professionals) runs a financial education program for participants aged between 14 and 16, usually high school students. Its members use these materials to teach financial literacy to their clients’ children, to sporting associations, and to community-based organisations.
The Commonwealth Bank of Australia (CBA)
The CBA hosts 1,000 free financial education classes annually, in its 200 locations across Australia. In the hour-long classes you can learn about saving, investing, budgeting, buying property, financial technology, online security risks, identifying scams, and avoiding fraud.
The classes are for CBA customers. So, consider opening a bank account with them, then find out when the next seminar near you will be held.
Free educational platforms for young people
To show children ways to avoid debt and poverty later in life, the Department of Education’s curriculum teaches children about finance as early as preschool. It’s not an accounting class—but through things like classes on numeracy and digital technologies, young ones get an early grasp of the importance of money management.
School-based programs and their benefits
The Talk Money initiative is free, sponsored by the Ecstra Foundation. It targets primary and secondary school students all over Australia.
Your children can attend these classes in school or online, so you may need to invest in a laptop or smartphone if you want them to take advantage of these.
The Cufa Children’s Financial Literacy Program is another financial literacy initiative that’s integrated into the school curriculum. It teaches children financial literacy in their classrooms, every two to three months. Young learners open a savings account with a community-owned bank.
Project officers can also visit your children at home to assess progress and encourage family members to participate. There are workshops to train school staff, too, so they can help your child keep learning throughout the school year.
What about adults, though—how will you respond when your child asks for your advice? In Australia there are also programs designed to prepare parents and educators.
Resources for parents and educators
MoneyMinded is a great choice for parents. It’s designed with adults in mind, who can access the self-paced course online, or engage a MoneyMinded-accredited financial coach for in-person lessons.
Cashed Up targets teachers across Australia, giving them ready-to-use lessons with real-life financial examples. The Australian Retirement Trust finances the program to ensure all educators can access it. Children between 12 and 24 years benefit from the program.
Moneysmart for teachers guides teachers on how to create lesson plans to teach and gauge how their students handle money.
Usually, financial education is part of mathematics, numeracy, and related subjects. But MoneySmart for teachers shows educators how they can incorporate financial education into other subjects as well, with free lesson plans for students in lower primary through to senior secondary school.
Free online courses and tools for financial education
Some school-based programs, like MoneyTime are entirely online to increase accessibility. It’s a free online financial education program targeting children between 10 and 14 years.
It has resources on money basics, including how peer pressure affects young people’s financial choices. You can access learning materials as a teacher, a homeschooler, or a parent.
Other online tools and resources to consider:
- Arc Learning
An online resource on financial areas and concepts that young people have identified as important to them. It provides information that can be used to develop lesson plans.
- Financial Basics Foundation
Resources that are relevant across all ages and levels of experience. It doesn’t matter if you’re an educator, a carer or parent, a young person yourself, or even an employer—there are specifically targeted modules.
Assessing the legitimacy and effectiveness of programs
Although free, you may wonder if financial education programs are worth your time. Well, two of the most popular schemes have plenty of evidence to show they’re very effective.
Saver Plus
Saver Plus reports these success stories:
- 84% of former participants are still saving, almost eight years after completing the program.
- Participants improved financial wellness from 35% to 66%, which translates to a more comfortable, debt-managed life. Any immigrants among their number can send money back home without having to worry about their own futures or their ability to handle any financial emergencies/crises.
Talk Money
Talk Money’s latest report on results was for the 2022 successes. It shows that children who get involved will:
- Understand the importance of savings—as reported by 78% of participants.
- Identify several ways of saving. Indeed 85% of the learners said this.
- Understand the importance of setting money goals.
- Improve their spending habits. For example, eating home-cooked food instead of eating out.
- Have a better life when they move out of your home to go to university.
- Understand their payslip better when they get their first job.
- Learn how to negotiate their salary at work, based on their needs and the wage they’ll have to earn to meet their longer-term financial goals.
How to measure financial literacy improvement
You can also measure how much you’ve improved since joining the class. There are some specifics you can use to analyse your own and your children’s financial IQ, before and after a financial literacy program.
Check how well you understand:
- Money concepts like inflation, taxes, simple interest, compound interest, hire purchase, wants, and needs.
- Emotions about money—for example, your attitude to risk.
- Money behaviours such as consistency in budgeting, saving, and investing, as well as a tendency to avoid bad debt.
Also, consider using online tools that test/measure financial literacy. You can try:
- Canstar’s TestMyMoneyIQ quiz.
- Bankwaw financial literacy test.
- Australian Broadcasting Corporation’s test targeted at Gen Z.
How to join the community of financial educators
If you are or you become very financially literate, you may be able to help other immigrants to Australia. Consider joining the community of financial educators and teaching financial education to your peers. There are plenty of ways you can prepare yourself to pitch in:
- MoneyMinded. It trains volunteers and community sector workers for free.
- Universities, like Open Universities Australia. They offer financial advisor courses that could even be your first step toward a new career in the field.
- Join professional bodies like the Financial Advice Association Australia (FAAA).
- Train to become a financial counsellor. You wouldn’t be advising people with money, but helping those in debt who are looking to break free.
How to contribute to educational awareness initiatives
You don’t have to be a finance expert to spread awareness.
- Share the latest news and current affairs on personal finance from legitimate sources like ABC Australia, a government-funded website.
- Volunteer to support financial educators during workshops and seminars.
- Donate to or partner with an organisation to widen their financial literacy program’s reach. For example, if you’re doing well financially you could buy laptops or smartphones to help underprivileged children access online classes.
Whether you’re financially astute and looking to help, or intending to boost your own awareness of finance in Australia, this guide should have you covered. Good luck!
FAQ
Why is financial literacy important?
Financial literacy helps you plan your income better and save and invest for the future, and avoid bad debt.
Does Australia have financial education classes for people of all ages?
Yes. There are online and physical classes tailored for children, young adults, adults, educators, and employers.
How can I support these programs to increase accessibility?
You can volunteer at community workshops and donate items like laptops.