Finance should be simple not stressful: The financial experiences of culturally and linguistically diverse young adults in Australia

This briefing paper presents findings from an exploratory study investigating the personal finance experiences of young adults from culturally and linguistically diverse backgrounds, many of whom had lived in Australia for fewer than nine years or had parents still living overseas. We found that language barriers, coupled with highly technical financial jargon, create barriers to money management for these young adults. Some participants lacked broader financial socialisation, leaving them unprepared for financial independence and potentially more vulnerable to debt and scams. Based on these insights, we propose several interventions that are sensitive to cultural differences.