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11 December 2020, Sydney, Australia – Australians are investing their cash far beyond property, according to Finder, Australia's most visited comparison website.
A new survey of 1,004 respondents found that two-thirds of Australians (66%) have some level of investments other than property.
That's an estimated 12.8 million Australians investing their money in everything from shares to precious metals.
The research found that almost 1 in 3 people (27%) invest in the share market.
1 in 10 (10%) invest in Exchange Traded Funds (ETFs), while 6% of Aussies have foreign exchange assets (Forex).
1 in 8 (13%) have their money in a term deposit, while 44% stash their cash in a savings account.
Kate Browne, personal finance expert at Finder, said that the data provides key insights into the broad reach of investment in Australia.
"Australians want to build their fortunes and aren't prepared to rely solely on their income to do it.
"It's a broad spectrum – from those investors who just want to maximise savings to those who are striving for financial freedom.
"Low savings interest rates have also driven more people into the share market as they seek to make a profitable return on their investments.
"No matter the goal, it's clear there's interest in a vast array of different investment options – all with different levels of risk and potential returns," Browne said.
The research shows that 73% of men are investing their money, compared to only 60% of women.
Browne said that technology has upended the way people can invest their money.
"Micro investing and online platforms are making share trading more accessible than ever.
"The savings required to invest are no longer prohibitively expensive – you can get started for as little as $50," she said.
Trends such as growth in robo-advisors were revealed, with 2% of Australians now using one.
Browne said assets can provide security if investors experience income losses or a financial emergency.
"Uncertainty driven by the coronavirus outbreak has caused a lot of people to want to build their earnings through investments."
Browne said that Australians should make sure they have enough cash in an emergency fund and invest wisely.
"If you don't have any money left at the end of month to invest with – the first step might be to reduce spending through various forms of frugality.
"Money management tools like the Finder app can help you identify the areas and products where you spend the most and help you get a better deal.
Methodology
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Disclaimer
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
About Finder
Every month 2.6 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.
Our free service is 100% independently-owned by three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.
We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit www.finder.com.au.
12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel