Savers seek 'secure products' like term deposits

Wednesday 02 February 2011

Article by Mozo

Australian savers and investors are increasingly on the look-out for "low-fee, secure products" in which to deposit their cash, new research shows.

Savers seek 'secure products' like term deposits

A survey by Datamonitor has found that cash and near-cash products were "the investment method of choice in 2010", with more people looking to compare term deposits, savings accounts and other similar products, Switzer Financial News reported.

It was also reported that these products were most popular among investors with $100,000 to $249,999 in liquid assets to invest.

This trend was partly attributed to a lack of confidence in the stock market and lower demand in property following the global financial crisis.

"Simple products have become more popular," confirmed Andrew Haslip, senior analyst at Datamonitor.

Elsewhere, it was suggested that the majority of Australian investors are still keen to manage their own assets and are turning to savings accounts and term deposits as a result.

"Australian investors rely, first and foremost, on their own judgement, meaning many have not formed relationships with wealth managers," added Mr Haslip.

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