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RICHARD NOONE
May 09, 2013 9:00AM
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AUSTRALIANS who "set and forget" their savings are missing
out on $4 billion a year in lost interest, according to a new
survey.
While consumers are quick to shop around for the best deals on
everything from home loans to mobile phones, when it comes to their
savings account 85 per cent of people haven't gone looking for a
better interest rate in the past 12 months and 40 per cent haven't changed their main account
for more than a decade.
Overall a new national survey found Australians were pretty good savers, with four-in-five
people sacrificing some of life's little luxuries such as eating out, to put away an average of
$540.20 a month.
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RAMS survey shows
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Women tend to save $188 a month less than men but were savvier, with more women
choosing to save their money in a high interest savings account.
Commissioned by RAMS the survey found 86.2 per cent of people worried they weren't
saving enough with almost half - 46.7 per cent - saying the main barrier was a lack of
income.
RAMS boss Melos Sulicich said the findings indicated Australians were "precautionary
savers" still wary of an uncertain jobs market and sustained economic pressures in the wake
of the GFC.
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"Over the years Australians savings' psyche has changed," he said.
"Up to four or five years ago Australians were spenders.
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"I think Australians are now much more concerned about the future and being able to pay for
the future."
Worryingly, however, he said people took a "set and forget" attitude towards their savings
account.
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"One third of respondents find it difficult to save money and when they do save, the amount
is not as much as they wanted," he said.
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"It is concerning that potentially $4 billion in savings is being lost annually simply because
less than half, 45 per cent, are putting their money into a high interest savings account."
"Our results indicate that people tend to have an everyday transaction account allowing
anytime access to their money but earning little or no interest."
Holidays ranked highest on a list of what people were saving for but when asked about their
real motivation, most people said they were saving for a rainy day.
Nicole Eason's rainy day came four years ago when her husband Tony was made redundant
shortly after the birth of their first son Alex.
Fortunately the couple had enough tucked away until he found another job but now the
mother-of-two uses a high interest offset savings account to drive down the mortgage on the
family's four bedroom home at Kellyville Ridge in Sydney’s north west.
"That's the goal, hopefully in 10 years we'll have paid it off," she said.
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"Just to have that freedom would be good."
Online comparison site RateCity spokeswoman Michelle Hutchison said there were no exit
or sign up fees but consumers should be wary of high introductory rates that elapsed after a
few months or bonus rates that come with strict conditions like monthly deposits and no
withdrawals.
"Many savers aren't aware that you can haggle with most financial institutions about the
introductory rate," she said.
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"So when your intro rate is coming close to the end of its term, call your provider and ask
them to extend it or you will switch to a different institution and they are likely to continue
offering you the promotional rate."
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