Australians in the dark about personal finances
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.
AUTHOR
Chris Dastoor
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
