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Property and banks seen as the safest places to park savings - Survey; 25.7% of respondents were keen to put savings into property
Topic Started: 12 Sep 2014, 02:46 PM (401 Views)
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Banks and property seen as wisest places to put new savings

Jennifer Duke | 12 September 2014

Property and banks are seen as the safest places to put your money, according to the latest Westpac/Melbourne Institute index of consumer confidence.

Banks were seen as the wisest place to put new savings, with 34.3% selecting this option, up 6.8% over the quarter.

Another 25.7% of respondents were keen to put savings into property.

In the past 41 years, CommSec chief economist Craig James noted that there have only been five higher readings for consumer confidence in banks.

Paying off debt was the choice of 13.7% of those surveyed, followed by shares and superannuation at 8.5% and 4.0% respectively.

“Aussie consumers aren’t keen to spend any extra money they have or to pay off any more debt, believing the funds should just stay in the bank or go towards a property purchase,” said James.

Despite this, the statistics around whether consumers believed it was “time to buy a dwelling” noted that those saying it is the time dropped 8.2% in the September quarter. This is now 23.2% down over the year.

“Investors don’t seem to agree according to latest lending figures,” noted James.

It was noted that the Reserve Bank is likely not to move before 2015, while the savings intentions are positives for the financial sector and for home building stocks.

Read more: http://www.propertyobserver.com.au/financing/35598-banks-and-property-seen-as-wisest-places-to-put-new-savings.html
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goldbug
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I'll stick with the gold I bought at $900au. I don't need a banker's permission to access it and it isn't subject to the new bank bailout legislation. Property? That's not savings and shouldn't be thought of as savings. Any jurno that gets houses confused with savings is a idiot and shouldn't be writing articles. Anyone reading said articles and believing them is twice an idiot, and deserves to get shafted in an economic disaster .

A lot of idiots got shafted in the gfc. Idiots trusting idiots, all programmed by the idiot box to embrace lies as truths.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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zaph
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goldbug
13 Sep 2014, 07:55 AM
I'll stick with the gold I bought at $900au.
But would you buy gold with 'new savings' today?
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ThePauk
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zaph
13 Sep 2014, 08:15 AM
But would you buy gold with 'new savings' today?
Simples...
Gold is undervalued as the currencies are overvalued.
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goldbug
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zaph
13 Sep 2014, 08:15 AM
goldbug
13 Sep 2014, 07:55 AM
I'll stick with the gold I bought at $900au.
But would you buy gold with 'new savings' today?
No, to do that would make me an idiot! I already have a set allocation in gold, and gold is too expensive for me now. I allocate some savings to silver now, but I don't save all that much anymore. I'm making improvements on an acreage out country, making it self-sufficient you could say. That's an Investment, for me, but it's not savings.

If you don't have any gold then I would think you are exposed at this point in history. The same way as you would be exposed if you were middle aged and didn't own a home. But that doesn't mean I recommend anyone should rush out and buy gold or a home.

Basically I don't care what other people do, my future financial security doesn't depend on millions of Australians buying gold in the years to come and pushing its price up. Which is exactly what the 89% of property investors with IO loans are sort of banking on isn't it?
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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