Careful savers achieve rising personal wealth

Personal wealth is growing at a record speed, with careful savers during the economic slump now reaping rewards.

Analysis by CommSec has revealed that the per capita wealth of Australians is now almost $46,000, up $6,500 in the past three months alone, the Advertiser reports.

"Financial wealth now stands at the highest levels in two years and further improvement can be expected in 2010," CommSec chief economist Craig James told the news provider.

Mr James added that higher house prices and a stronger job market would boost consumer spending in 2010.

The report noted that while Australia avoided falling into recession like other major economies, per capita wealth fell nearly $20,000 at the height of the global financial crisis. It said that personal wealth is currently rebounding as confidence returns across markets.

Such findings will encourage anyone who decides to compare savings accounts in search of the best deals for their money. A recent report by News Limited found that banks are now competing for customer deposits by offering high interest savings rates and high term deposit interest rates.

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