Teens on the money
The perception that young investors have no cash and adopt a spend-spend attitude is distorted, according to Angus Beattie, director of Mercantile Mutual's new dollars.com.au internet site.
The perception that young investors have no cash and adopt a spend-spend attitude is distorted, according to Angus Beattie, director of Mercantile Mutual's new dollars.com.au internet site.
The site recently surveyed 2000 people aged between 18-35 and found more than three quarters were actively saving for a goal, and more than half budget to reach that goal.
"Young people are looking for smart ways to deal with money but many are not sure if they are putting money aside effectively," Beattie said.
The survey saw the emergence of a group Beattie labels "New Tradi-tionalists."
"These people have taken on the financial conservatism of their par-ents and are looking for long term monetary security," he says.
Beattie also says there is a strong interest from advisers in the market as they view these clients with the chance to offer products throughout their investment life.
The site goes online in late August.
AUTHOR
Jason Spits
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
