MoneySmart Week (2-8 September 2012) is designed to encourage Australians to take a close look at their everyday money management. It is an independent not-for-profit initiative involving over 100 organisations from the private, public and community sectors. It is an initiative of ASIC (Australian Security and Investments Commission). ASIC is Australia’s corporate, markets and financial services regulator and ensures Australia’s financial markets are fair and transparent.
This year, eBay and PayPal are proudly supporting the initiative. As part of the week, PayPal unveiled new research calling for consumers to protect their digital wallets. The research revealed two thirds (65%) of Australians are more cautious with their ATM or credit card PIN than with their online passwords – despite consumers increasingly shopping, storing personal information and transacting online.
According to the research, the majority of consumers (87%) don’t believe anyone could guess their password, despite one in four (22%) admitting they include personal information in their passwords. Additionally, 47 per cent of Australians have 10 or more online accounts but two thirds (67%) confess to having five or less passwords, clearly demonstrating that consumers are reusing passwords across several different accounts. The research also showed half of Australians (49%) only change their passwords when prompted by the system and two thirds (62%) never take time out to update their passwords regularly.
To help Australians manage their online passwords, PayPal’s top tips to help consumers be smart with their money is:
- Take stock of your current passwords
- Create your passwords
- Manage your passwords
MoneySmart provides valuable information about managing money; borrowing and credit; superannuation & retirement; investment; scams; as well as helpful tools and resources.