The area of Wynnum-Manly fared well when it comes to financial literacy and credit handling, according to research done by GetCreditScore.com.au.
In the study by GetCreditScore.com.au, Wynnum-Manly came second to Capalaba in the list of the most financially savviest communities in Queensland. Capalaba garnered a credit score of 767, while Wynnum-Manly got a credit score of 762.
The credit scores are higher than the Australian average score of 757 and the Queensland average of 749.
Based on the study, women fared better in handling finances in all age groups. As for the age groups, Generation Y fell behind the older population. Younger people in Wynnum-Manly got an average score of 707, more than a hundred points lower than the credit score of 854 for people 65 and above.
Luke Keller, chief executive of Getcreditscores.com.au, reveals that many people still do not understand what influences their credit scores. He hopes that the release of the research will help residents of Wynnum-Manly to learn what else they can do to improve their credit scores.
Credit score tell much about the credit information of a person. It is used by creditors to learn how financially responsible a person is. It can be improved by making sure to pay loans on time, demonstrating a history of saving and staying out of debt.
