Great to be interviewed by Curtin University
Recent data from the the Australia Bureau of Statistics reveal the nation’s household to debt income ratio has hit nearly 200 percent, a level the UBS has called one of the “highest in the world”.
With the banking royal commission exposing gross misconduct by some of our biggest banks, many of us have been spurred into thinking how we can improve our financial autonomy. One answer could lie in learning ‘financial literacy’.
“Financial literacy is having a well-rounded understanding of all matters to do with personal finance and using this knowledge to make informed decisions,” says Greg Mawer, Curtin accounting and finance alumnus and Director of Mawer Consulting.
“It’s about taking small, consistent and planned actions to reach a desired outcome. It’s about having discipline to not spend the money that has been saved or invested. It’s about being patient and about not feeling the urge to keep up with the Joneses.”
Mawer admits it is increasingly challenging for people to resist comparing their lifestyle when we live in a culture that encourages competition and consumerism. To counter these beliefs, he started the blog Mawer Money in 2017 as a resource for people to learn how to better utilise their finances to enhance their wellbeing.
“I started Mawer Money as a social enterprise to help Australians with financial literacy and empowerment,” he says.
“On the hierarchy of needs, money needs to be spent on safety, food and shelter. After that, whatever provides you with a fulfilling life, allowing you to spend quality time with the people you love. Preventing lifestyle creep (where your expenses increase in line with your earnings) is important.”
Mawer has a rich employment history in accountancy and finance, and after working in senior accountant roles for companies such as BGC Contracting, he took the plunge and started his own consultancy firm, Mawer Consulting, in 2013.
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Mawer Money is a Social Enterprise assisting the world with Financial Empowerment.