New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money.
Read More MoneySmart Data Reveals Gender Disparity in Young Adult’s Financial Stress
“These findings demonstrate the importance of empowering young women to move past girl math and take control of their finances. Countless studies have shown financially literate people are better at budgeting and saving, managing mortgages and debt, planning for retirement, and growing their wealth. These behaviours aren’t inherent – they can be learnt at any age. That’s why we need to change the equation on girl math in 2024,”
New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.
Read More Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills
From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.
Read More AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube
After many years of campaigning against the damaging practices of Buy Now Pay Later (BNPL) schemes, the Assistant Treasurer and Minister for Competition, Charities, and Treasury Hon. Andrew Leigh MP has commended the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, partly designed to close loopholes utilised by BNPLs, to the House of Representatives.
Read More Win for Consumers: Anti-Avoidance Provision Bill Commended to the House
The Australian Finance Industry Association (AFIA), the peak body for the entire Australian finance industry, today announced that Ms Jillian Brewer has been appointed as the new chair of the AFIA Buy Now Pay Later Code Compliance Committee (CCC) for a three-year term. Jill was an inaugural member of the CCC and is an experienced lawyer, conciliator, investigator and trainer, with more than 20 years of experience in alternative dispute resolution.
Read More AFIA Buy Now Pay Later Code Compliance Committee Chair Announced
“We are deeply concerned by the volume of complaints consumers are having to escalate to AFCA,” chief ombudsman David Locke says. “It’s not fair on consumers and not good for business. We need to see a significant improvement from firms.”
Read More Record Number of Financial Complaints for Second Year in a Row
Financial Counselling Australia’s latest report, ‘Small Loans, Big Problems’, has highlighted once more the need for urgent reform to the Buy Now Pay Later (BNPL), especially with the continued cost of living crisis and with many still feeling the impact of the 2022 floods.
Read More Buy Now Pay Later – Debt Traps and Essentials