Goalography reveals Australians' financial goals
The Commonwealth Bank has launched an interactive website that aims to map the changing goals of Australia in real-time.
'Goalography' features three months of data pooled from 18,000 goals submitted by the public, revealing both national and state findings. The website is automatically updated as new goals are entered, Commonwealth Bank stated.
According to the survey results, Australians' goals fall into the categories of financial and personal, with the most important financial goal being the need to save more money (41 per cent) followed by the desire to own a home (22 per cent).
Participants were also interested in purchasing something 'big' such as a new house or car (18 per cent), making an investment (6 per cent) and managing money, which included taking control of debt (13 per cent).
Between June 2007 and February 2012, household deposits in Australia rose by 78 per cent from $303 billion to $539 billion, the survey found.
The findings mirror recent customer behaviour, with customer spending showing Australians are now more than ever cutting back on luxuries and saving their extra cash, the Commonwealth Bank stated.
"Following the global financial crisis, we have seen deposits grow roughly 10 per cent a year as Australians feel more confident with bank deposits than other more volatile investment options," said Commonwealth Bank executive general manager, retail products Michael Cant.
AUTHOR
Staff Writer
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
