At Xinja, we’re helping Australians get access to a great, modern banking experience that actually serves their interests, and helps them make the most of their money. This means we’re working with you to build a bank that puts you in control of your money and helps you budget and plan. Through your Xinja app, you’ll understand what you’re spending each month on the essentials, so you’ll know what you have to left to enjoy.
We’ve enlisted the help of our Head of Retail Banking and financial literacy guru, Betsy Westcott, (who you may remember as #sportyxinja). Betsy will be talking money smarts over a series of blogs with the Xinja community.
“There’s no better pairing for a chat about cash-cash-money-money than a glass of champagne”
Get money! 🙂
Betsy’s worked in banking and finance for the past 8 years. Like many careers, it happened by accident (like, who would grow up hoping to be a banker!), but one that she’s come to love as she’s deeply passionate about helping people and improving financial literacy. So much so that in addition to her day job as private banker, Betsy ran a side hustle called ‘Own It’ where she hosted High Tea & Finance parties for young women to learn about money. According to Betsy “There’s no better pairing for a chat about cash-cash-money-money than a glass of champagne and something sweet. Try it!”.
But what does it mean to be financially literate? Financial literacy refers to ‘the ability to make sound financial decisions based on sound knowledge, skills and attitudes taking into account personal circumstances.’ (AKA – you get money!)
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“Money, like food, is something we deal with daily. We all know that when we understand how to best feed and nurture ourselves we live a healthier, more vibrant life”
Master your money…..and have fun!
Betsy says that for her being financially literate is just as important as understanding nutrition. “Money, like food, is something we deal with daily. We all know that when we understand how to best feed and nurture ourselves we live a healthier, more vibrant life. Our understanding of money is the same. The better the skills and knowledge we have, the better choices we make with regard to our financial resources. This allows us to live life on our own terms. That’s why I’ve dedicated my career to helping people understand and utilise their money”.
Money runs deep
So why is financial literacy so important to all of us at Xinja? Well it’s one of the reasons we’re building our bank! We have a grand vision where people make more from the money they have, understand their financial situation better and can improve it and achieve their life goals, with less stress. With our (soon-to-be) customers, we’re building a mobile app that will help them more easily manage their money, in a way that’s fun! And an added bonus of using the app is that people will gradually and naturally develop better everyday financial understanding and behaviour.
In fact, financial literacy is so important to us that we’ve recently made a submission to ASIC for their National Financial Literacy Strategy Consultation 2017, which is aiming to update the national framework on financial literacy initiatives. You can read and download our submission here.