TAXATION AND SUPERANNUATION LITERACY IN AUSTRALIA: what do people know (or think they know)?

To date, basic taxation issues, and to a lesser extent superannuation, have largely been excluded from the measurement and education aspects of financial capability, both in Australia and overseas. This paper explores outcomes of an Australian survey of tax literacy, and reports on levels of confidence in relation to tax and superannuation issues - highlighting areas where large gaps exist between people's level of confidence in understanding and their actual levels of understanding. It argues that these aspects should be incorporated into future financial literacy education strategies and research.