Teens surprisingly ‘confident’ about money

_{Published on 21.04.2025}

Aussie teens report feeling confident about their financial skills but are keen to learn more about money outside the classroom, according to new NAB Economics data.

The NAB Economics data found high school students felt most confident in:

1. Opening a bank account: Nearly 70% of students feel confident doing this
2. Tracking their expenses: Around 65% of students felt they could do this.
3. Money management skills: 64% of students felt confident in this area.
4. Creating a budget: 63% of students felt prepared to make one.
5. Setting financial goals: 62% of students felt they could do this.

NAB Banker Claudia Dior said the research challenged assumptions about teenagers 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.

“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.

“As a banker, I’ve noticed a shift in how young people approach banking. They’re asking informed questions about interest rates and long-term planning – things we rarely heard a decade ago.

“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.”

Thanks to early conversations around money management, Melbourne highschooler Hugo Black is clued into his finances. It’s come in handy, as the 17-year-old has held three jobs over the past two years.

“My parents taught me the importance of being aware of my spending habits early on by helping me set savings goals and budget my pocket money,” Hugo said.

“This foundation helped when I got my first job at 15. Now, working in hospitality and babysitting, I aim to save between 30 to 60% of my wages.”

Hugo’s ultimate savings goal is to self-fund a gap year in Europe after high school.

“My brothers did it after year 12 so seeing them go before me has shown it’s achievable. Having these goals means I’m working towards something. It keeps me responsible in managing my money. When I get back, I plan to save for a car and start investing in a share portfolio to build towards buying my first home.”

NAB Banker Claudia Dior offers three tips for boosting kids financial literacy at home:

• Use technology as a financial tool: Leverage your teens’ digital fluency by introducing them to legitimate banking apps to help them track their spending for a month, categorise expenses and identify patterns. This will help them build critical financial management habits.
• Make the weekly grocery shop an economics lesson: Involve 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.
• Transform bill-paying into financial education: Rather than paying bills in private, invite children 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.

Notes to editors 

• Data sourced from NAB Educations Insights Special Report Part Three

Economy

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