Although credit card interest rates are generally higher, a credit card debt can be short term and doesn’t necessarily mean interest charges - if you pay the balance you owe oﬀ in full each month. However some of us don’t use them like that. Here are some good reasons to rethink how you use them – or whether you use them at all.
Research shows about 20% of retirees are spending their super at ‘unsustainable’ levels. What does that mean? It means about one fifth of us will most likely outlive our retirement savings. This percentage is predicted to rise as more of us enter retirement! Recent research shows 54% of pre-retirees (55 and over) are financially unprepared for retirement and only 8% are financially prepared.
A 2017 report found that about 52% of people aged between 25 and 64 can expect a ‘comfortable retirement’. On the flip side that leaves over 47% of us (or 5.1 million people) unlikely to have enough put aside to live comfortably in our retirement years.
Did you know that your daily spending habits could be the difference between securing your loan…or not? This time last year the big news in the finance world was the introduction of tighter lending criteria by APRA (Australian Prudential Regulation Authority) designed to curb what the regulator saw as ‘heightened risk’ in investor lending.
If you are one of the 3 in 5 Australian households who owns a pet you probably won’t be surprised to know Aussies spent $12.2 billion dollars on pet products in 2016. That’s a lot of money that could be used elsewhere. So how do we manage the cost of owning our furry friends?
Research shows about 57% of Australian adults are savers although only 16% of those manage to save quite easily. When many of us feel burdened by the mere cost of ‘living’ it is often difficult to establish a savings plan. However, creating a savings habit can play an important role in our ultimate financial future.
Now, you’re probably thinking “but surely savings are savings?” Right? Well… not necessarily. As part of a lender’s assessment of your suitability as a ‘good borrower’ they require evidence of your ability to plan and save for a deposit yourself.