Boost long-term savings accounts with investments
Consumers with long-term savings accounts should consider investing any spare cash in order to give them a boost, it has been advised.
One of the most effective things in which to plough extra money is a superannuation account, according to the Sydney Morning Herald.
Changes to the regulations surrounding these products mean that it makes more financial sense to invest earlier, the report suggested.
The conditions of using a supperannuation account now stipulate that pre-tax contributions have been halved to $50,000 for people over 50 and $25,000 for all other ages.
Management partner at HLB Mann Judd Jonathan Philpot told the news provider that this sends a signal to younger investors, including those looking out for high interest savings.
"People aged in their 20s and 30s still have many years ahead of them to build their savings," he said.
However, Mr Philpot pointed out that the new legislation may pose difficulties for those in their 40s, since they do not have as much time to build up financial reserves.
When it comes to giving monetary advice, parents should be sure to teach their children about finances from an early age, according to David Koch, writing on news.com.au.
This article is brought to you by Mozo – Helping you compare savings accounts