From questionable hair choices to finding rotten food in your locker, high school memories stay with us.
But what about the bits youve left behind, like economic lessons? According to a Household, Income and Labour Dynamics in Australia (HILDA) survey in 2019, fewer than half of Aussies could correctly answer five basic financial literacy questions.
So, to get you back on track, heres a quick crash course on the top five most important things you should know about your finances.
Lesson One: Interest can be a blessing and a curse
Understanding how interest works is key to getting on top of your finances. This is because it has the potential to either help build wealth or send you into debt. Lets consider the following scenarios:
At the mome…
Read the full article at: https://mozo.com.au/savings-accounts/articles/5-things-you-weren-t-taught-in-school-about-your-finances