The banking royal commission highlighted the need for consumers to take greater ownership of their money.
Many Australians are missing out on growing their wealth as they lack basic financial literacy.
According to the Financial Capability website - managed by the Australian Securities and Investments Commission - only 35 per cent of us know the value of their superannuation. Only 40 per cent of the population grasp the concept of diversification.
And close to 2 Australians in 3 (59%) pay their credit card balance in full every month.
Consumers are advised to arm themselves with knowledge as a step towards regaining ownership of their money.
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