RMIT, Today and YLab join forces to launch new financial capability toolkit for young adults
RMIT University has teamed up with youth research organisation YLab and strategic design company Today to create a new financial capability toolkit for young adults, launched today.
The toolkit—You, Me & Money— aims to equip young adults with the tools and knowhow to initiate and navigate tricky money conversations, and to spot a financially unhealthy relationship early on.
It’s been developed in response to research by the School of Economics, Finance and Marketing’s Dr Jozica Kutin, investigating young adults’ experience of financial abuse.
Kutin said that targeted education and the de-stigmatisation of discussing money would be key to preventing financial abuse in young adult intimate relationships.
“Most of us have been raised to avoid discussing money, no matter whether it’s with our families or our partners —it’s seen as ‘impolite’,” she explained.
“On top of this, young adults in particular tend to prioritise the ‘success’ of a relationship over their overall wellbeing. This means it’s very easy for them to miss red flags, or to get into financial situations they don’t fully understand the implications of, like co-signing a lease or going guarantor.
“A main goal of ours with You, Me & Money is to normalise the idea of discussing finance with your partner. We’ve not been shy about its importance, either; we’ve outlined how a lack of clear communication or trust between partners can lead to financial abuse.”
In order to ensure the toolkit was of use and interest to its intended audience, strategic design company Today and leading youth research organisation YLab (from the Foundation for Young Australians) were brought on as development partners.
YLab led a series of co-design workshops with young adults to discover what their key concerns and needs for the toolkit were, which Today used to develop the brand, experience and website.
The final version of You, Me & Money features bright and attractive visuals and honours inclusivity and web accessibility principles.
Also available in the toolkit is an interactive ‘what’s your money style?’ quiz, which invites users to answer a series of questions to better understand their overall money values and approach.
To find out your money style go to the You, Me & Money website.
You, Me & Money was funded by the Ecstra Foundation, a grant making organisation committed to building the financial wellbeing of all Australians.