Aussies flying blind with their own money

Melissa Jenkins
(Australian Associated Press)

 

More than half of Aussies are flying blind when it comes to their finances and don’t bother checking their bank accounts weekly, new research shows.

And less than half pay their credit card off in full each month.

In a Mortgage Choice survey of over 1,000 Australians, more than three quarters of respondents said they consider themselves to be smart with their money.

But 55 per cent of them admitted they fail to monitor their finances at least once a week.

Mortgage Choice chief executive John Flavell said this suggests people were keeping themselves in the dark.

“Ignorance is definitely not bliss and sticking your head in the sand can cost you dearly in the long run,” he said.

“Keeping a close eye on your finances is essential in helping you better manage and understand where your money is going, where you can cut back on spending, and improve your savings.”

Some 46 per cent of respondents said they paid their credit card off in full each month, while 85 per cent had a documented or rough budget.

When it came to views on property prices and the stock market, 64 per cent of respondents said property will continue to perform in line with or better than it did in the last year, while 60 per cent believe the same for shares.

Just over half of the respondents favoured investing in residential or commercial property, 28 per cent would invest in Australian shares, and 20 per cent would put their money in share markets overseas.

Most respondents aged under 29 thought they were more financially savvy than their peers, but the opposite was true of respondents over 60.

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