Aussies 'must get smarter with money'

Australians are being urged to get wiser about their finances this week as a special government-backed campaign has been launched.

MoneySmart Week provides consumers with a chance to run a health check on their own finances, where they can see if the way they deal with debt, savings, future planning, retirement provision and various other issues is as good as it can be.

By entering information into an online tool devised by the Australian Securities and Investments Commission, people can find out if they are in the green zone (finances under control), or in the red or orange zones, where various levels of changes will be needed.

Those who find they are not in the green zone might wish to compare savings accounts to find a better deal, or do likewise for credit cards.

A recent survey by UBank has suggested consumers are often neglecting to check if they can get better rates elsewhere, with 40 per cent not even knowing what interest rate they pay on their home loans.ADNFCR-1761-ID-801441728-ADNFCR