Research has revealed that an alarming 51% of Australians said that they did not have enough savings or investments to cope with the unexpected. This is based on research released by Aviva, one of the world’s largest insurance groups.
Research has revealed that an alarming 51% of Australians said that they did not have enough savings or investments to cope with the unexpected. This is based on research released by Aviva, one of the world’s largest insurance groups.
The findings are part of Aviva’s Consumer Attitudes to Savings global research which surveyed over 1,000 Australians in the first quarter of 2009.
High level findings are attached, with the following key insights:
- 41% of Australians are worried that they "haven't saved enough money to continue to provide an adequate standard of living in…retirement."
- 51% of agree that they "don’t have enough savings/investments to cope with the unexpected."
- 40% of Australians said they are not "regularly setting aside money for use when they retire."
- 51% of Australians see their home as "the most significant part of my (their) total future financial security."
- One in four Australians "wished" that someone else would sort out their financial affairs.
- Australians said that existing debt (28%) or affordability (57%) were two major reasons why they are unable to save or invest more money.
- On a long term view Australians are now less likely to accept a higher level of risk for a higher possible return. In 2005, 41% of Australians said they were prepared to accept a higher level of risk for higher possible returns but in 2009 only 29% of Australians agreed with this statement.
The attached overview of key results for Australia also include the actual interview questions.
Aviva’s Sue Voglis, research and public relations manager, said: "Despite talk of Australia entering a recession, it’s surprising to see that 28% of Australians prefer to spend than save their money even though many Australians said that they don’t have enough savings to cope with the unexpected."
The Consumer Attitudes to Savings is a survey conducted by Aviva in conjunction with The Futures Company. Over the past six years Aviva has surveyed over 100,000 people in 25 countries about their individual attitudes to saving and investing.
This year’s Consumer Attitudes to Savings surveyed over 1,000 Australians and was conducted in the first quarter of 2009.
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For more information:
Ariana Alvarenga
Assistant Manager - Public Relations
Phone: (03) 9829 8985
Mobile: 0409 187 487
Disclaimer
This news release has been provided on the basis that it is only for the information and exclusive use of the particular person to whom it is provided by Aviva (Aviva Australia Holdings Limited ABN 38 095 045 784 and its related companies). While Aviva believes the information in this news release is accurate which in some cases has been provided to us by third parties, Aviva is not making any representation as to the accuracy, reliability or completeness of the information in the news release. Neither Aviva, nor its directors, officers or employees will have any liability to you or any persons resulting from your use of the information in this news release.
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