Financial Literacy Programs and their Impact on Credit and Mortgage Consumers

School of Business and Law
Dr Tasadduq Imam
Dr Lan Sun


Both early and recent research and statistics indicate that Australians across different demographic cohorts have varying degrees of financial and numerical literacy and, consequently, have a varied understanding of financial products and, in some cases, low capability in dealing with money. This evidence is a warning for the credit and mortgage providers, especially since many from these low financial literacy groups are also consumers of credit and mortgage products and, as such, pose default risks. The Australian Government acknowledges the need for improving financial literacy among Australians, as evident from its focus on the National Financial Capability Strategy 2018 and also the Royal Commission Inquiry into the banking sector in 2018.

This study intends to investigate several research questions, for example, what is the level of financial literacy of credit and mortgage consumers in Australia? We are particularly interested in studying financial literacy among elderly, low socioeconomic, and migrant mortgage consumers in Australia. We also want to understand what types of financial literacy programs for consumers are offered by financial service providers and are these programs efficient in assisting consumers in making informed decisions. Finally, the project will also assess the effect of financial literacy among credit and consumers from the economic and social impact perspectives and the role of technology and innovation in cultivating financially literate consumers.

The research will adopt quantitative and qualitative research methods and methodologies. For example, we will conduct a focus group discussion on financial literacy issues faced by different stakeholders when dealing with credit and mortgage products. Representatives from financial institutions, commercial and social banks and consumer groups will be invited. We will also distribute surveys among different financial institutions to study the level of financial literacy and factors which influence the economic decisions among the specific clientele, who are also quite often the consumers of credit and mortgage products. We will also perform a case study analysis of the financial service providers' current financial literacy intervention programs and undertake a quantitative analysis of the association between financial literacy and the effect on economic and social indicators. Last but not least, the project will investigate how technology and innovation-based intervention can enhance the level of consumers' financial literacy through both qualitative and quantitative analysis for a sample of credit and mortgage consumers.

Education| Economics| Commerce, Management, Tourism and Services
Financial literacy, Credit and mortgage consumers, Economic and social impact
From September 2019


This project is associated with the International Engaged Research Scholarship, which offers a 20% reduction in tuition fees for eligible international students.

Other special notes

Funding is also provided by CQUniversity to support research higher degree student project costs, and to support national and international conference presentations. This includes:

For doctoral candidates:

  • up to $6,000 in Candidate Support Funds
  • up to $4,500 for Conference Travel Support

Project contacts