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
Perpetual Asset Management has launched its inaugural fixed income and credit active ETF, cashing in on the recent boom in the asset class.
Innovations in artificial intelligence are continuing apace with China leading global development, according to Betashares investment strategist Hugh Lam.
Funds under management at Pinnacle Investment Management are approaching $180 billion, helped by a substantial jump in FUM from its overseas affiliates.
Warakirri Asset Management has partnered with US-based investment manager ClariVest to give Australian retail and wholesale investors access to the firm’s global small companies strategy.
