ABS: Gap in distribution of wealth 'has widened'

Aussies may want to consider opening a savings account in light of new figures from the Australian Bureau of Statistics (ABS) indicating that while wealthy people in the country are getting richer, those on lower incomes are getting poorer.

Across the nation, the average net worth of households rose by four per cent compared with 2005-6, reaching $32,000.

However, the richest 20 per cent enjoyed a 15 per cent rise in their average net worth in the years leading up to 2009-10.

Meanwhile, the poorest one-fifth of the population were found to account for just one per cent of the total household wealth.

The figures revealed that 2.7 million homes were owned outright and the average value of these was $541,000.

People hoping to prepare for the future by putting funds in high interest savings accounts may want to compare bank accounts online, as the Sydney Morning Herald recently reported that the rates for some savings products have declined by as much as 46 basis points recently.

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