Australians in the dark about personal finances

11 April 2019
| By Chris Dastoor |
image
image
expand image

New research from Raiz Invest has revealed many Australians are in the dark about the state of their personal finances.

This included a lack of clarity on concepts of investing, interest rates on savings accounts and broader financial literacy.

The survey had been commissioned to identify consumers basic understanding of savings and investment options.

It also looked at how recent events such as the Royal Commission and the declined property market impacted Australian’s perception of where to invest.

The results revealed three major themes:

  • Over half of Aussies had been unaware that cash is the safest place to invest finances.
  • Men had a higher appetite for investment risk, with 38 per cent of men investing in the equity market compared to only 22 per cent of women.
  • Following the fallout of the recent Royal Commission, almost half of Aussies said they are less inclined to invest their money with the likes of the big four.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago