Most invest in savings accounts or term deposits

84 per cent of Australian savers use savings accounts, term deposits or high interest online savings accounts to keep their money safe and give them a return on their money. The number of Australians saying they save money by buying shares is declining.

According to the latest St George Bank-Melbourne Institute Household Financial Conditions Report, almost half of all Australians added to their savings in the last 12 months.

St George Bank head of retail banking, Robert Allan, said less than two per cent of households reported that they had no savings – the lowest level since 2001.

Source: Banking Day