Young Aussies 'do not know about banking reforms'

The vast majority of Australians aged between 16 and 30 are unaware of recent banking reforms that make it easier for them to switch account providers.

In the past, moving to a new bank was a very stressful process, as you had to manually switch all of your direct debits and payments before closing the old account.

However, this is no longer the case, as institutions can now do all of this for you.

Despite this, a new study conducted by Lifelounge Group and Sweeney Research has shown that just 15 per cent of youngsters are aware of the recent reforms, the Associated Press reports.

Lifelounge Group chief executive Dion Appel told the news provider that companies will now be targeting people in this demographic in the hope that more customers will move their bank accounts.

Times are hard and many Aussies can also profit by transferring their money into an account that has a higher savings interest rate attached to it. With the cost of living rising all the time, it is crucial that every penny stored away in a savings fund is working as hard as possible.

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