The Big Lift

Financial capability – which captures both the understanding of financial concepts (literacy) and the application of those concepts – is critical for building wealth, enhancing wellbeing, and contributing to Australia’s economic prosperity. With younger Australians set to inherit an estimated $5.4 trillion in assets by 2050, rising house prices, increasing sophistication of financial scams, and cost-of-living pressures, uplifting Australia’s financial capability has never before been more urgent. 

This report, undertaken by Deloitte Access Economics on behalf of Iress, provides fresh insights into the state of financial capability in Australia, the barriers preventing progress, and the benefits of getting it right, drawing on economic modelling and a survey of over 2,000 citizens. 

Realising the benefits associated with uplifting Australian financial capability will require collective effort across the financial ecosystem including from individuals, households, industry and government. Building on Advice 2030: The Big Shift published in 2024, this report sets out nine key actions designed to grow financial capability and unlock Australia’s potential.

This report lays the groundwork for informed decision-making and strategic planning, fostering a deeper understanding of Australia’s financial education needs and setting out urgent action to empower future Australians with the skills they need to be financially capable.

The report issues a call to action to Australia’s financial advisers to explore delivering financial advice in new and innovative ways to meet changing demand. It also considers the role of financial institutions and government in providing education and advice to consumers who can’t normally access it.