Aussies embrace a ‘new love of saving’
A survey conducted by researcher Datamonitor earlier this year shows 35.4 per cent of respondents increased their holdings in cash and bond investments last year. ”We have had an acceleration of the trend seen in 2009, when uncertain conditions and a global recession caused investors to take shelter in cash products,” a senior analyst for Datamonitor, Andrew Haslip, says.
He says the move to cash, term deposits and bonds is now looking more like a long-term investment strategy and not a stop-gap.
ING Direct's Financial Wellbeing Index survey, identifies ”a new love of saving”. Respondents' median saving is $9238. Gen Y households have average savings of $7789 and baby boomer households have average savings of $12,651. All respondents have a low level of comfort with the balance of their savings, indicating that they plan to save more.
Source: The Age