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Confused? Kemal Taner via Shutterstock

Financial literacy is shockingly low and the academy must do more

The latest survey on the basic understanding of financial terms like “loan”, “interest rate” and “budget” makes for shocking reading. The Money Advice Service surveyed 3,000 adults and found that 32% did…
The answer… 56. Multiplication table by extender_01/Shutterstock

What is 7x8? You’ll need confidence to answer correctly

The British Chancellor George Osborne recently refused to answer a simple times table question posed to him by seven-year-old school boy Samuel Reddings. Osborne was asked the question 7x8, but declined…
Will ‘History of Financial Crises’ education really do anything to curb risk taking behaviour? shutterstock

Financial crises 101 could provide lessons for all

The chairman of the Australian government’s Financial Sector Advisory Council, Paul Binsted, believes that bankers who have experienced financial crises are more cautious about taking risks. However, short…
Payday lenders can seem a necessity for many Australians. Flickr/taberandrew

Almost 3 million adult Aussies lack basic financial services

Almost 3 million adult Australians are entirely or severely excluded from mainstream financial services including bank loans…
When emotions meet economics: New York police and protesters clash during the Occupy movement protests on Wall Street. AAP

Economics and the brain: how people really make decisions in turbulent times

In a 2008 paper on neuroeconomics, Carnegie Mellon University economist George Loewenstein said: “Whereas psychologists tend to view humans as fallible and sometime even self-destructive, economists tend…

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