Grapevine stronger than advertising, study shows
Australians are most likely to choose a fund managers based on a recommendation, usually from a financial planner or family member, rather than advertising, a new ASSIRT/IOOF survey has found.
Of those surveyed, 30 per cent said they would choose a fund manager on the recommendation of a planner, while 19 per cent would pick a manager based on advice from their bank. This is only slightly higher than those undertaking their own research.
The survey also found that nearly one in five of those surveyed had no money invested or available for investing. A further 32 per cent had less than $10,000 available or invested. The average amount invested, the survey found, was $58,200.
ASSIRT market research manager Sara Jackman says the survey confirms Australians' low saving habits.
"With the government's move towards a user-pays society, it is important that Australians look at their savings habits and identify ways they could cut living costs and put some money aside for the future," she says.
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