Aussies reject shares for bank deposits

More people than ever before believe that banks, credit unions and building societies are best place to invest their savings. According to the Westpac-Melbourne Institute Consumer Sentiment Report, 37.9 per cent of people favour banking deposits, up from 24.1 per cent last year. About 23 per cent of Australians say the best thing to do is reduce debt, up from 12.9 per cent. Support for the share market has collapsed from 14.6 per cent last year to 8.1 per cent now. About 3.8 per cent say the best thing to do with savings is ‘spend it', down from 4.9 per cent last year. Just 2.1 per cent of Australians say superannuation is the best place for their savings, down from 7.2 per cent last year. The sharemarket's leading index the S&P/ASX200 has lost 45 per cent in the last 12 months.

Source: The Australian