Savings accounts hold little appeal to risk-hungry Aussies

Although many people have flocked from stocks and shares in the wake of the financial crisis, a new study has shown that many Australians have still got a keen attitude to risk.

When first carried out in 2007, the research, a joint venture between the University of New South Wales and the University of Technology, Sydney, showed that in a hypothetical game where people were given the opportunity to put $1,000 into shares, a savings account or keep it in cash, or a combination of the three, people would go opt for a high risk and a high reward over the safer options.

The Sydney Morning Herald reports that while this may be unsurprising at a time when stock markets were performing well, results from the same study carried out in October 2008 indicate that even with stocks taking a beating, Aussies still have a strong appetite for risk.

Indeed, only two per cent of those questioned said they thought a retirement savings account would be the best place for their money.

This article brought to you by Mozo – helping you compare savings accountsADNFCR-1761-ID-19271112-ADNFCR