The program showing that home-ownership isn't out of reach
A financial advice firm is tackling high school graduates' poor financial literacy head-on in a bid to equip them with essential wealth skills for the future.
Purpose Advisory director and adviser Tristan Scifo has launched More than Before, an online wealth education and mentorship program for teenagers, running until the end of January.
"There's so much a young person needs to know to succeed in the increasingly complex game of money, and our school education system still fails to prepare our kids for the reality of the economy," Scifo said.
"Many of them will feel forced to stay at home for the next five to 10 years, and will feel home ownership is well out their reach. However we know and believe this doesn't need to be the case."
The workshops are hosted by primary facilitator Julius Owusu, together with Scifo and the Purpose Advisory team. Courses start from $225.
Scifo wants to buck the growing trend of young Australians relying on finfluencers for wealth advice.
Marketing platform HypeAuditor found that more than half (57%) of female finfluencers' following are young female Australian investors; some 44% are aged 25-34 and a further 19% are aged 35-44.
Financial advice regulator ASIC is going on the offensive and is currently looking at finfluencers who do not hold an AFS licence and meet educational requirements. It is also engaging with social media platforms and their moderators.
Scifo says that the extent of financial literacy in the high school curriculum ends at simple mathematics - if taken at all.
"It's not emotional. It's not contextualised adequately into their personal lives, and they're not taught how to nor prompted to create their own spending plans, investment strategies nor sort out their super nor tax. It's entirely theoretical and lacking. We can fill in ALL of these gaps in a very short period of time, and can offer increasing value the more exposure we have to each child," he said.
With the right skills and support, Scifo is hopeful that young Aussies will thrive and be able to afford a house within the next 10 years.
"The stakes for these guys are much higher than they were for you and I, but the opportunities are exponentially greater too," he added.
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