finder.com.au 2013 survey findings: too many Aussies neglect their finances.
Some startling facts about the lack of smart financial thinking among many Australians was revealed by a survey finder.com.au had completed in 2013. The survey discovered that far too many people are neglecting their finances that they could potentially be losing out on thousands of dollars.
The survey discovered that two thirds of all Australians don’t bother checking on what is happening to their money more than a couple of times a year, while a half of those neglected to track what was happening to their money with an online tool. Only one in three of the 1,000 people surveyed checked their finances on a monthly basis.
Findings from the finder.com.au survey 2013
- Of those surveyed, 49% don’t even know what sort of interest they are paying on our credit card accounts.
- As for savings account bonuses, 49% of those surveyed didn’t know what their interest rate was.
- Despite many banks offering bonus interest rates and bonus periods on their savings accounts, all well advertised on their websites, a full 20% of Australians are totally unaware of them.
- A third of Australians, according to our survey don’t get around to paying their bills on time.
Over 40% haven’t a clue what to do when their term deposit matures.
Our survey reflects a ‘fix and forget’ mentality among many Australians. They fix up their mortgages and other loans, use the same old credit cards and deal with the same companies to supply all their major services. Anyone who keeps an eye on interest rates and steps up their repayments as soon as those rates fall is saving themselves not only money, but the time it takes to repay their home loan.
If you had an average $300,000 home loan, for instance and the interest rate nosedives by 0.25%, then stepping up repayments with the lower interest could knock off a couple of years off a typical 30 year loan repayment period.
Neglecting your financial situation is something that can cost you a lot more than just your finances in the long run. Remember to always regularly check what your interest rates are and to regularly compare products to make sure you’re getting the best deal.
finder.com.au is dedicated to help Australians become more aware of how they can manage their money more wisely. If you have any general questions about your personal finances, please click ask a question.