Head of Account at Intuit Quickbooks Australia Shaye Thyer says the declining financial literacy is a “serious issue” and a “real concern” after a new study showed financial literacy is the biggest barrier for business owners.

“Financial literacy is what I think of as a baseline understanding of the things we need to know as humans to run our life in a world that is powered by financial things,” Ms Thyer told Sky News Australia.

“We actually have quite a serious issue of declining financial literacy for men and women.”