ASIC has released a new piece of research exploring key financial attitudes and behaviours of Australian consumers and investors. The agency said its Australian Financial Attitudes and Behaviour Tracker "will also inform and support [its] efforts to promote investor and financial consumer trust and confidence".
"This research explores key actions taken by consumers and investors over a six month period on aspects of money management such as budgeting, saving, short and long-term planning. It also provides a useful picture of how Australian consumers understand key investment concepts," said Peter Kell, ASIC's deputy chairman.
The first survey for the Tracker was conducted in August 2014, revealing among other facts, that:
- In the last six months, most of the Australians surveyed (90 per cent) said they kept track of their money, and the most commonly used methods were: checking bank statements (59 per cent), checking credit card statements (47 per cent) and keeping receipts (39 per cent).
- Under 35s were far more likely than those aged 55 and over to have kept track of their money in their heads (28 per cent and 16 per cent respectively) and used an app to keep track of their spending (12 per cent and 1 per cent, respectively).
- Only 38 per cent of surveyed Australians said they had a short-term (three to five year) financial plan in place. Of these, 36 per cent had not monitored their progress over the past six months. Even fewer (22 per cent) reported having a long-term (15 to 20 year) plan in place. Of these, the majority also had a short term plan (74 per cent).
- One-third (35 per cent) of those who said they held investments other than superannuation and/or their home, ten per cent said they'd invested in something they didn't understand in the past six months.
- About a third (30 per cent) said they found dealing with money stressful and overwhelming. Females (35 per cent) were more likely than males (24 per cent) to report this. Personal income and level of education had no effect.