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We believe that financial empowerment is the fastest way to change lives. At Yenom, we equip people with the knowledge, confidence, and support to make smart financial choices—building independence, resilience, and a thriving community​ We believe that financial empowerment is the fastest way to change lives. At Yenom, we equip people with the knowledge, confidence, and support to make smart financial choices—building independence, resilience, and a thriving community​

The Hidden Cost of Financial Illiteracy

Financial illiteracy is one of the most underestimated challenges of our time. It affects individuals, families, employers and entire economies — yet it is often overlooked in policy conversations and social planning. At YENOM, we believe that understanding the real cost of financial illiteracy is the first step to solving it.

Understanding the Problem

Financial literacy refers to the knowledge and confidence needed to manage money effectively. This includes understanding how to budget, save, borrow, invest, and plan for the future. But across developed nations — including Australia, the UK, Canada, New Zealand and the United States — financial literacy levels are shockingly low.

According to the OECD and World Bank:

  • Over 46% of adults in high–income countries are financially illiterate.
  • Women, migrants, older people and low–income households are disproportionately affected.
  • Most people cannot correctly answer three basic questions about interest, inflation, or risk diversification.
  • This is not simply an education issue. It is a wellbeing issue. A social justice issue. And an economic issue.

The Personal Cost

For individuals, financial illiteracy can result in:

  • Persistent debt cycles
  • Missed opportunities for saving or investing
  • Inability to plan for emergencies or retirement
  • Over–reliance on credit or high–interest loans
  • Anxiety, shame and avoidance of financial conversations

These outcomes affect more than bank balances — they impact mental health, personal relationships and quality of life. Many people are not poor due to lack of income, but due to a lack of access to practical, inclusive financial education.

The Cost to Workplaces

Employers also feel the impact. Financially stressed employees are:

  • Less productive
  • More likely to be absent
  • Less engaged
  • More prone to mental health–related burnout

In fact, a recent UK study estimated that financial stress costs employers over £120 billion per year in lost productivity and increased turnover. Yet very few organisations have formal financial wellbeing strategies in place. This is a missed opportunity — not just for social impact, but for business outcomes.

The Broader Economic Impact

At a national level, low financial literacy weakens the economy. It leads to lower rates of savings, underutilisation of financial products, delayed retirement, and increased pressure on public services. Worse still, it perpetuates inequality. Communities already marginalised by geography, gender, or migration status are the most affected. Without intervention, the cycle continues — and worsens with time.

What Can Be Done?

Financial literacy needs to be treated as a public good — just like health and education. That means:

  • Embedding financial education into schools, workplaces and community settings
  • Removing shame and stigma from the conversation
  • Providing tools that are culturally responsive and easy to understand
  • Using technology to increase access and engagement — particularly for young people

At YENOM, we’re building exactly that. Our approach is gamified, inclusive and reflective — designed for people who were never taught how to manage money, and don’t know where to begin.

Final Thought

What would your life look like today if you had been taught how to handle money at age 15?

What if your workplace offered tools to reduce financial stress?

What if your parents had been given that chance?

These are not just what–ifs — they are the realities we can shape, starting now.

If you’re ready to be part of the solution, reach out to us at amanda@yenom.co.

Let’s reflect — and rebuild a better financial future for all.