Australia now # 1 in share ownership
A survey released by the Australian Stock Exchange shows that during the past year the number of share owning Australians increased by 1.3 million to 7.6 million, representing 53 per cent of the adult population. Share ownership in the US currently stands at 48 per cent. Thanks goes largely to the Telstra and AMP privatisations.
At the same time a report from the Financial Services Complaints Resolution Scheme (FSCRS) shows the number of complaints relating to share transactions has risen sharply. The report also found a ‘ noted increase’ in complaints against online brokers.
Broadly distributed privatisations and the ease with which investors can now trade via online brokers results in an increase in less experienced share owners. The FSCRS report shows the need for education amongst Australia’s more recent share owners in the areas of stockmarket processes and services offered by brokers, both online and full service.