Use new financial year to compare savings accounts, say Kochs

Australian consumers should use the start of the new financial year to set savings targets and improve their financial standing, it has been suggested.

David Koch, co-host of Channel 7’s Sunrise programme, noted that with six months of the year already gone, many Aussies will find they are not in a better financial position than they were at the start of 2010.

Writing for the Advertiser with his wife Libby, they said: "Call us finance nerds, but we reckon the start of a new financial year is a great time to draw a line in the sand, prepare a plan and promise to stick to it."

They urged bank customers to compare savings accounts, observing that by consolidating deposits or shifting them to lower or no-fee online accounts, savers can usually protect their returns and earn more interest.

In addition, the couple advised people to evaluate their short and long-term goals before devising savings plans and household budgets.

The comments come after it was reported last week that the federal government may abandon proposals to bring in higher superannuation contributions for retirement savings as it looks to return the national budget to surplus.

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