Website designed to help people at all life stages better understand and manage their moneySYDNEY, 1 September 2013 – Just how long will it take to save a million dollars? This is one of the questions answered today by Practical Money Skills, a new website launched by Visa that helps people manage their money.
According to Vipin Kalra, Country Manager of Visa Australia, “The financial aspirations of Australians don’t always correlate to their spending and savings habits.
“Studies show there are a number of barriers that prevent people from making good financial decisions, like information and choice overload . But often it is the money basics that people are missing, like setting a household budget or knowing exactly how long it will take to save for a goal.”
Recognising the need for financial tools, www.practicalmoneyskills.com.au, seeks to provide calculators, games and information to help people understand the costs associated with financial decisions and the savings required to reach their goals.
“Young Australians in the 18-24 age group are more likely to have lower levels of financial literacy . This is the same age group most likely looking to buy their first car and they need to realise that budgeting for a car goes beyond just paying for it. The calculators on Practical Money Skills help young people budget for these expenses,” said Mr. Kalra.
Launched to coincide with Money Smart Week, of which Visa is a sponsor, Practical Money Skills offers information and tools relevant to people at various life stages. There are lesson plans for educators; personal finance information for parents, students and holiday makers; and games and calculators to help people better manage their money.
“Understanding the true value and power of money comes from the ability to save and budget. Good management of personal finances has a positive knock-on effect on quality of life. It provides new opportunities, a sense of security and also contributes to improving the economic outlook of individuals, households and the country,” said Mr. Kalra.
Key sections of the Practical Money Skills website include:
• Personal finance information: This section offers practical advice and tips on credit, debit, saving and spending and key life stages such as saving for university, buying a car or house and retirement.
• Lesson plans for teachers: Build financial literacy into the curriculum with lesson plans and student activities from Kindergarten up to years 9-12.
• Calculators: Get to know your budget and how much you can afford to spend with calculators focused on your car, home, family and holiday. Use the ‘Save A Million’ calculator to help you achieve your goal of becoming a millionaire.
Practical Money Skills is part of Visa’s ongoing commitment to promoting the importance of financial understanding.
Media contact:Teneille RennickVisaausinfo@visa.com
About VisaVisa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 30,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com.