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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
