Aussies called to get accounts sorted

finder.com.au

10 April 2017
| By Hope William-Smith |
image
image
expand image

Australians are saving less now than during any other point in nearly a decade and need to take the reins on sorting their savings and finances to risk slipping further, according to Finder.com.au.

Data from the comparison website found the average Australian was saving $409 a month, the lowest since 2008, which represented just 5.6 per cent of income.

Finder money expert, Bessie Hassan said Australians needed to become better equipped on their knowledge of the different account offerings in the face of low interest rates.

“As returns for Aussies savers get less attractive, it’s becoming more important than ever to do your homework,” she said.

“It’s important to know which product will suit you most.”

Hassan said the launch of the ‘Interest Cruncher’ tool from Finder.com.au would calculate whether savings or term deposits would pay the most interest on a given balance, which could help consumers make a decision.

“Eight years on and there’s been a gradual decline in the rate of saving which may be attributed to a number of factors such as the rising cost of living, or simply rock bottom interest rates,” she said.

“When tossing up between a savings or a term deposit account, the calculator helps users determine which account will provide the most interest.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

6 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 11 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 9 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 12 hours ago