paul advocates for a doubling down on efforts to support our emerging adult population to be “credit marketing savvy” and financially literate.

paul proposes additional investment in financial literacy workers across Tasmania to work with primary and high school students, in schools, on practical money management skills. paul believes every Tasmanian student should be exposed multiple times to workshops and financial literacy course content across their school career.

It is important to note paul also believes sophisticated marketing of easy access credit facilities, pay day lending, buy now pay later (BNPL) schemes and related high interest financial products impacts those with limited financial resources the most. Additional regulation of the industry and support for individuals caught in debt traps is also required. See paul’s separate post on these issues.

Inspiration

paul has worked as a financial (debt) counsellor and recalls the significant negative impact on the mental and physical health, and the financial future, of individuals and families with unmanageable debt. Life trajectories, housing options, and career opportunities can be significantly affected by a poor credit history, particularly if bankruptcy occurs. paul believes early intervention via well resourced financial literacy and a strong regulatory regime is essential to prevent the genuine misery brought about by unmanageable debt.