Aussies are saving less than $200 a month and are barely making it to payday
Raise your hand if you’ve ever spent your paycheck within a week of receiving it? You’re not alone.
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How to save up a nest egg and reduce stress about retirement finances
Whether retirement is aeons away or just around the corner, the question of finances never really goes away. And for many of us, the thought of not having enough money to last our golden years can be a major source of stress. In fact, according to a recent survey by investment firm, Franklin Templeton, a lack of savings is driving widespread anxiety among younger generations of Australians in particular.The survey found that 70% of Australians in Generation Y experience stress or anxiety when thinking about their retirement savings and investments, and 74% of Generation X aren’t too hopeful about their retirement finances either. "We often hear that retired Australians or those nearing retirement are highly concerned about the adequacy of their finances to support their retirement. However, concern among younger Australians is even more widespread," said Manuel Damianakis, Head of Retail for Franklin Templeton in Australia.73% of Gen Y and 68% of Gen X respondents expressed concern they were behind on their retirement savings, with many convinced they'll never get a chance to retire, or will have to work part-time to fund their retirement."When you consider that there are so many different projections about the amount of money a person will need in retirement, and estimates can differ by millions of dollars, this general malaise about retirement finance is not hard to understand," said Mr Damianakis. Easing that anxiety won’t be the easiest thing in the world, but it’s not impossible. Here are a few things you can do now to make sure you have a sizeable nest egg by the time you retire.
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Gen Y know how to party and save, finds latest Suncorp research
On World Savings Day, it seems only fitting to celebrate the best savers among us, and you might be surprised to learn that Gen Y really excel when it comes to stashing that cash.
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Savers can now earn up to 2.50% interest with Heritage Bank
Dedicated savers have had little to get excited about lately. The RBA has cut the cash rate three times this year, and banks have exercised very little restraint when hacking away at their savings rates. Right now, it’s pretty hard to find an account that promises decent returns.
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Continued bank branch closures and the rise of online banks
It’s quite likely that you’ve noticed a number of bank branches quietly closing down over the past few years in your area, town or even city. Or if banks aren’t on your radar much because you do all your banking online, you may have found it harder and harder lately to find an ATM, for that once in a blue moon time you want to get hold of some actual cash.
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Neobank 86 400 joins the ranks of banks cutting interest rates on savings accounts
Recently launched neobank 86 400, has become the latest in a whole host of banks to cut the interest rate on its bonus savings account.
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AMP, Bendigo, BOQ, CUA, NAB, Suncorp and Up Bank latest to drop rates on big name savings accounts
As any Australian who regularly checks their savings account balance will know, interest rates have been trending in one direction for the past year: down.
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Another cut? UBank drops savings rates by 0.31%
The USaver with Ultra Transaction Account will lose a little bit of its glimmer today, as UBank joins a growing list of banks that have reduced savings account rates following last week’s RBA cut.
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Savers hit again as ING slashes Savings Maximiser account rate by 0.25%
ING has become the latest bank to announce a substantial cut to one of its savings account products in the fallout from last week's RBA interest rate decision, with the online bank reducing rates on its Savings Maximiser account.
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Which banks have cut savings account and term deposit rates after the October RBA cut?
Behind every Reserve Bank interest rate cut is a tale of two sides.
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