Australian teens surprisingly ‘confident’ about money management skills: NAB data

Australian teenagers are confident about their financial skills, with fresh data showing they feel most assured in opening a bank account and tracking expenses.

New National Australia Bank economics data, to be released Monday, reveals nearly 70 per cent of students in Years 10, 11 and 12 felt confident opening a bank account, while 65 per cent said they could confidently track their expenses.

NAB personal banker Claudia Dior said the research challenged assumptions about teens and their relationship with money.

“Contrary to popular belief, the research shows that today’s teens are relatively confident when it comes to talking about money,” Ms Dior said.

“They’ve grown up during significant economic shifts. Many of them have seen their parents flex their budgeting muscles, and they’re eager to learn how to set themselves up for success.

“They’re using their digital fluency to self-source their own financial knowledge, but it’s crucial they find the information through legitimate sources.”

The NAB data also revealed more than 60 per cent of high-schoolers say they felt prepared to make a budget, while 62 per cent reckon they could set financial goals.

Ms Dior said she had noticed a shift in how young people approached banking.

“They’re asking informed questions about interest rates and long-term planning — things we rarely heard a decade ago,” she said.

“At home, we discuss our family budget with my 18-year-old, and when we shop, we compare prices and value. All of a sudden, concepts from economics textbooks have become part of our everyday life.”

As for her top tips to boost young people’s financial literacy at home, Ms Dior suggests leveraging their digital fluency by introducing them to legitimate spending apps to help them track their spending for a month, categorise expenses and identify patterns.

This will help them build critical financial management habits.

She also recommends involving children in meal planning within a budget, comparing prices, identifying sales and calculating unit pricing. This teaches practical maths skills while demonstrating how small decisions accumulate into significant financial impacts.

Finally, Ms Dior said rather than paying bills in private, children should be invited to watch how it’s done. Explain the difference between fixed and variable expenses, show how services are linked to costs, and discuss how income needs to cover these bills.

This will help them understand household finances and prepare them for their future responsibilities.