Financial analyst Gaurav Bhanot says the banking royal commission highlighted the need for consumers to take greater ownership of their money.
Mr Gaurav Bhanot adds that being proactively involved means arming yourself with knowledge.
So here are the top 5 things you need to know about money and building wealth.
At number 1, Gaurav Bhanot says, is the need to save and wipe debt.
He adds, you should pay off bad debt, like credit cards, and pay more than the minimum amount required.
Mr Bhanot says, at number 2, is understanding the power of compounding.
He calls it getting rich slowly, in that anything that's done over a short amount of time is usually risky and often unsuccessful.
But in a low-interest rate environment, he adds that understanding investment classes and diversification - is important.
At number 3, is understanding your superannuation.
Mr Bhanot adds that it's important to learn how to track and manage your fund online - and consider making extra contributions.
Avoiding Financial Vanity is at number 4, according to Gaurav Bhanot.
He says the amount of money wasted trying to look successful, big houses big cars, anything consumed on debt is a killer on that equation for the long term.
And finally, at number 5 – negotiate
Gaurav says, “There is nothing wrong in asking for a good deal, negotiate with banks, electricity company or anyone for that matter to save money.”
Getting good advice is also important.
ASIC's MoneySmart website - which you can find at moneysmart.gov.au has details on how you can find a financial adviser or planner.
