If household budgets, tax returns, loan repayments and superannuation investments make you anxious, you’re not alone.

Recent ASIC figures indicate just over 40 per cent of Australian women find dealing with their finances “stressful and overwhelming”, while only a third of all Australians know the value of their super and only 59 per cent of Australians pay off their credit card in full each month.

The findings may come as no surprise, given the falling rates of students engaging in economics and financial literacy at school, something both the Reserve Bank and the Australian Securities and Investments Commission are working to change.

Approximately 40 per cent of high schools offer economics on the curriculum as opposed to just over 90 per cent in the 1990s, according to RBA assistant governor Dr Luci Ellis.

This decline has coincided with the rise in household debt among young home owners. The Melbourne Institute reports, “Home owners aged 18 to 39 are … particularly susceptible to rising debt in an environment of rising house prices”.

Laura Higgins, senior executive at ASIC, is a strong proponent of a financial education delivered at the right time in the right context, from kindergarten through to higher education.

“What we know about people making financial decisions is if people get the information they need when they need it, it can be very powerful,” she says.

“If young people are getting information about superannuation at the time of getting their first job, that can be particularly meaningful.”

ASIC is taking a proactive approach to improving financial literacy, working with universities and student unions to strengthen students’ future financial preparedness.

“What we found is that some universities have very extensive support and some do almost nothing,” Higgins says.

“In some universities, we’re running workshops or we come to open days and present to students in a one-off kind of way.

“We also develop information specifically for young people on how to pay off student loans or how they work and other information guides.

“Some universities are really active around financial inclusion, really aware that students may be in hardship and as a result there’s a strong financial literacy component.”

The RBA is also sending staff into schools and universities in an attempt to improve financial literacy for both teachers and students.

“Students who have graduated from economics degrees tend to have quite high starting salaries,” Ellis says.

The University of New South Wales is among those that have signed up to the Financial Inclusion Action Plan, a program helping organisations reduce financial hardship for the three million Australians who are severely or fully excluded from financial institutions and their banking and insurance products.

“Research indicates that more than two-thirds of Australian university students are anxious about their financial situation,” says Professor Eileen Baldry, deputy vice-chancellor equity, diversity and inclusion at UNSW Sydney.

“Everyday financial decisions are becoming more complicated. Whether it’s understanding superannuation and lifecycle saving, the concepts behind sophisticated financial products, or the growing number of insurance and investment options, there’s strong evidence that many people lack the ability to make wise money management choices.

“Universities are in a critical position to address financial literacy. We know that young Australians are increasingly stressed about their financial situation, which undoubtedly drags down their academic performance and participation.”

Professor Baldry echoes the sentiments of the RBA and ASIC in supporting a drive for greater financial literacy across the curriculum broadly in the Australian education system.

“Incorporating financial literacy into the curriculum has multiple benefits for students and the institution,” Baldry says.

“It can help reduce the student’s financial stress so that they can concentrate on their academic study; it makes their experience of university more rewarding, increasing their satisfaction with their university studies; it can help students manage debt after university; and it will enable them to make good financial decisions in the future and sustained behavioural change.”

While financial literacy and confidence are no promise of home ownership, being able to remain debt-free and balance a daily and yearly budget certainly improve the likelihood of securing a first mortgage.

First-home buyers made up 18 per cent of all mortgage commitments in the middle of 2018, though ABS figures indicate people aged 21 to 34 earn on average $56,000 per year.

Despite house prices falling in most capitals in the September quarter, the median price for a house in Sydney was $1,101,532. Melbourne had a median price of $852,980, and Brisbane’s median was $567,376.

These figures may make buying a house may feel out of reach for many young Australians, but greater financial wisdom brings the goal closer, and can help young people lead more sustainable, secure lives.