Growing concern about a shortfall in the amount of money they will have available at retirement is incentivising more and more Australians to focus on slashing their debt and boosting their savings balance a new report has found.
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Do you ever find yourself dipping into your hard earned savings to pay for clothes or a trip away? Well you’re not alone, with new research revealing that Australians withdraw a whopping $30 billion each year from their savings accounts.
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Mature Australians are using high interest savings and term deposits for their cash savings but General Manager of St.George Retail, Ross Miller, says this age group need to consider where this ‘at call’ cash is best placed, particularly with the lead up to tax time and the upcoming changing superannuation rules.
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A recent study from Mozo has revealed that Aussie savings are going backwards, with not a single saving account in Australia now providing an interest rate which keeps savings ahead of the current levels of inflation and tax.
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When thinking about lost cash the vision of loose change dropped down the back of the couch may spring to mind, so many Aussies may be shocked to hear that as a nation we have a whopping $1.1 billion in unclaimed money from forgotten bank accounts, shares and life insurance just waiting to be collected.
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Aussies who gobble down all their Easter eggs in one sitting are less inclined to have control over their personal finances - at least according to the latest research conducted by ME Bank.
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Thousands of proud parents will be happy to hear that the Westpac kids savings account dubbed “Bump” has finally arrived - the highly anticipated initiative that comes with a $200 incentive.
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In confirmation that the old adage ‘money can’t buy you happiness’ might well be true (to a degree), a new report from RaboDirect has found that the happiest Australians are not the ultra-rich, but rather those who make a bit more than average.
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According to recent research from St.George, many older Australians are sticking with their banks for a decade or more - but that loyalty could be costing them.
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It’s been a race to the bottom during 2017, with 18 financial providers having already slashed savings account interest rates this year, according to Mozo data.
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