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What is this study about? Developing an online financial skills test

Monday, July 26th, 2021

Financial Skills in Older Adults

Over 50? Participate in a study to develop an online test of everyday financial skills.

Ecstra Foundation is funding research led by Dr Stephanie Wong and her team at the Brain and Mind Centre (University of Sydney), which aims to help identify difficulties with everyday financial tasks in older Australians.

The ability to handle money and personal finances is crucial to living independently. As we get older, some everyday financial tasks may become more difficult. It is important to identify these difficulties as early as possible, so that the appropriate supports can be put in place.

Currently, assessment of everyday financial skills is not routinely conducted or widely accessible. To address this, Dr Wong’s team have previously developed the Test of Financial Skills (TOFS), which can be administered by clinicians or researchers.

The team are now working to develop a shorter, online version of the test, which will be freely accessible on a website. The website will also provide instant feedback on test results, tips, and recommendations for improving financial management, scam detection and decision-making.

To help develop this online test, they are looking for Australians aged 50 and above to complete an online survey task. You will be asked to answer questions about your health and background, technology and financial literacy and complete tasks such as handling cash, paying bills, budgeting, identifying scams, understanding legal terminology, and making financial decisions. The study will take approximately 1 hour.

If you think you are eligible to this study, please sign up today!