Savers urged to take stock in post-GFC era

Tuesday 08 February 2011

Article by Mozo

Australians have been advised to take stock and consider their savings situation in the post-global financial crisis (GFC) era.

Savers urged to take stock in post-GFC era

Herald Sun finance writer Karina Barrymore noted that there is now more than $1.2 trillion in the country's superannuation funds, making it the primary financial asset of many Australians.

"As superannuation funds finally start to claw back the last of the losses from the GFC, it's time for a health check," she said.

"Make sure you're still on track to meet your savings goals."

Ms Barrymore argued that people should learn the lessons of the crisis and take a more active role when it comes to managing their super savings.

This could include reviewing insurance levels and double-checking all contributions that have been deposited at least once a year, she said.

Consumers aiming to grow their long-term funds could also choose to compare savings accounts in search of the best returns. Earlier this month, the Financial Standard revealed that compulsory savings accounts have been touted as a possible solution to the issue of aged care funding in a recent Productivity Commission report.

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