Prepare for the future with a savings account

Aussies that are concerned about the financial health of their families in the future may want to consider opening a savings account.

Recent figures from Commonwealth Securities revealed that in the final quarter of 2010, per capita wealth increased by $2,600.

With this in mind, now could be a good time to compare savings accounts and open one to put money away for a later date.

In a piece for the Northern Star, Peter Fairfull recently recommended opening high-interest savings accounts to prepare for the financial burdens of putting children through school.

"If you have young children, start saving for their education in the early years," he advised.

His comments come soon after analysis by the National Centre for Social and Economic Modelling for the Herald Sun found that the average household in Australia is $23 a month better off than it was five years ago.

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