Aussies called to get accounts sorted
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.”
AUTHOR
Hope William-Smith
Recommended for you
The $365 billion UK fund manager Royal London Asset Management is to launch two funds in Australia by the end of November as it seeks to build an international presence.
With ETF pricing becoming more competitive than ever, those active ETF vehicles priced higher than 120bps are the only segment of the popular product to see outflows.
Income Asset Management has promoted former ASIC commissioner, Danielle Press, as chair of its board following the retirement of John Nantes.
Lazard Asset Management has announced the launch of a new global equity fund, expanding its qualitative offering for Australian investors.
