MoneySmart week is good time to evaluate electricity and gas suppliers

The Australian Taxation Office (ATO) has declared the first week of September MoneySmart Week, as part of a not-for-profit initiative aimed at encouraging greater financial literacy awareness across Australia.

"The aim is to encourage all Australians, including young people, to take a closer look at their everyday money management," said tax commissioner Michael D'Ascenzo in a statement released yesterday (September 3).

"The reality is money plays a major role in our lives - it can affect our quality of life, sense of security and impact what opportunities we choose to pursue."

One way you might choose to observe MoneySmart Week is by reviewing your household utility bills and determining whether or not you are with the right electricity and gas supplier to suit your needs.

With power and gas prices both on the rise in recent months, it is important that you are getting the best deal possible in order to minimise expenses in this area.

Mr D'Asenzo went on to note that it is important for Australians to be aware of the support and services available to them when it comes to dealing with money.

The ATO has provided a simple MoneySmart money health check which can help users determine the current state of their financial health and whether or not they are on track to meet their savings goals.

Posted by Callum Fleming