Latest news with #SarahMegginson
News.com.au
21-05-2025
- Business
- News.com.au
RBA rate cut: Aussies warned over costly banking ‘blind spot'
They've just been delivered an interest-rate cut but many Aussies won't reap the benefits because of growing financial complacency that's left most people stuck with banks that give them a lacklustre deal. Alarming polling revealed most borrowers didn't know what interest rates they were paying on their loans, indicating they were not up to speed on whether they were getting a good deal. The majority of Aussie adults were also banking with the same account they joined as children – even when higher interest earning options were available. It comes as the Reserve Bank of Australia announced another 0.25 per cent cut to the cash rate on Tuesday, a move that the big four banks have since announced they will pass to borrowers and savers in full. The official cash rate has now dropped from 4.1 per cent to 3.85 per cent. The Finder survey laid bare the costly reality of banking complacency, revealing 51 per cent of Aussie adults polled were still using their first bank account as their primary repository for savings. That loyalty is now costing cold, hard cash. Finder personal finance expert Sarah Megginson said Aussies' loyalty to their childhood banks was being rewarded with subpar interest rates and a financial kick in the teeth. 'You might think your existing bank is 'good enough', but if you're not earning interest, it's your bank balance that is missing out,' Ms Megginson said. Such banking inertia wasn't simply hurting savings. A shocking number of homeowners admitted they didn't even know what interest rate they were paying on their mortgages – their single biggest household expense. An additional Finder survey found just 37 per cent of mortgage holders could name their interest rate. This suggested up to 63 per cent of homeowners were paying off home loans without knowing how much they were paying in interest – potentially costing families thousands in missed refinancing opportunities. Ms Megginson warned that blindly trusting your bank to pass on rate savings was a mistake. 'Mortgage repayments are often a family's biggest monthly expense, and not knowing your rate is like driving blind on your financial journey,' she said. 'Knowing your rate is absolutely crucial. There's money on the table to be saved by renegotiating with your lender or shopping around for a better deal, and that starts with knowing your rate.' There was something of a gender divide when it came to rates: 30 per cent of female mortgage holders knew their interest rate, compared to 45 per cent of men. There was also a divide, albeit smaller, when it came to banking loyalty to savings accounts opened as teens. About 55 per cent of women continued to bank with their first account, compared to 47 per cent of men. 'Many people stick with the same bank for years, as the idea of switching seems like a massive hassle,' Ms Megginson said. 'It's really a lot quicker and more straightforward than you think.'
Herald Sun
15-05-2025
- Business
- Herald Sun
Top reasons stopping Aussies from financial success
The cost of living crisis has pushed many into high levels of financial stress, yet comparison site Finder discovered many are sabotaging themselves even further. A survey of 1,011 respondents from Finder revealed that most Aussies are setting themselves up for financial failure and have exposed the biggest obstacles that stood in the way. The most common barrier was wasteful spending with the average Aussie wasting $154 per month. Over a third of respondents said the biggest waste was spending too much money on shopping, according to Finder. MORE: Insane demands of mega wealthy exposed by staff Other money mistakes included paying bills late, which one quarter of respondents were guilty of, one in five fell into credit card debt and 20 per cent said they spent too much money at bars, pubs and clubs. Sarah Megginson, personal finance expert at Finder, said majority of Aussies are unknowingly standing in their own way. MORE: Simple way to unlock $20k in extra home value New neighbourhood coming to Sydney 'Most people don't have a money problem – they have a mindset problem. Breaking these patterns could be the difference between staying stuck and building real financial freedom. 'The idea that you're 'too old' or 'too busy' to build wealth is a myth – and one that's costing Australians dearly.' Another major roadblock was that one in five felt their lack of financial knowledge was preventing them from financial success. 'These blockers are silent wealth killers – they creep into our everyday choices and steal opportunities,' Ms Megginson added. MORE: Alarming way Gen Z are getting homes What homes will be worth in each suburb by 2030 'But the good news is once you are aware of them, you can change them.' She urged Aussies to scrutinise all their living costs to free up more discretionary income. 'It's never too late to take control – increasing personal wealth does require a plan and discipline to reach your goals,' she said. Young Australians wasted the most money, according to a Finder survey, with gen Z admitting to wasting a whopping $237 a month, compared to just $65 by baby boomers. Finder money expert Rebecca Pike said whether you're wasting $5 or $500, it all adds up. 'It's not about living like a monk – no one is saying not to have fun and enjoy yourself from time to time,' she said. 'The more you can segment or budget what you will spend for fun, the better. 'Once you think about spending as a long-term investment rather than short-term indulgence, the more you will actually enjoy when you do splurge.' Ms Pike said even small changes can have a big impact. 'When you add it all up, that's money you could be saving for a home deposit, a holiday, or just a rainy day. 'Redirecting just a small portion of that could set you up for greater financial security, whether it's building savings or paying off debt.' Her tips included manually tracking your spending, through apps like Gather or WeMoney and putting savings into a high-interest savings account. 'It's a low-risk way to let your money grow – helping you build a financial cushion.' Other tips included putting 24-hours between unplanned purchases and unsubscribing from tempting emails and alerts. MORE: Top NSW regions for lifestyle and investors Oroton heirs' stunning $30m payday
Daily Telegraph
15-05-2025
- Business
- Daily Telegraph
Top reasons stopping Aussies from financial success
The cost of living crisis has pushed many into high levels of financial stress, yet comparison site Finder discovered many are sabotaging themselves even further. A survey of 1,011 respondents from Finder revealed that most Aussies are setting themselves up for financial failure and have exposed the biggest obstacles that stood in the way. The most common barrier was wasteful spending with the average Aussie wasting $154 per month. Over a third of respondents said the biggest waste was spending too much money on shopping, according to Finder. MORE: Insane demands of mega wealthy exposed by staff Other money mistakes included paying bills late, which one quarter of respondents were guilty of, one in five fell into credit card debt and 20 per cent said they spent too much money at bars, pubs and clubs. Sarah Megginson, personal finance expert at Finder, said majority of Aussies are unknowingly standing in their own way. MORE: Simple way to unlock $20k in extra home value New neighbourhood coming to Sydney 'Most people don't have a money problem – they have a mindset problem. Breaking these patterns could be the difference between staying stuck and building real financial freedom. 'The idea that you're 'too old' or 'too busy' to build wealth is a myth – and one that's costing Australians dearly.' Another major roadblock was that one in five felt their lack of financial knowledge was preventing them from financial success. 'These blockers are silent wealth killers – they creep into our everyday choices and steal opportunities,' Ms Megginson added. MORE: Alarming way Gen Z are getting homes What homes will be worth in each suburb by 2030 'But the good news is once you are aware of them, you can change them.' She urged Aussies to scrutinise all their living costs to free up more discretionary income. 'It's never too late to take control – increasing personal wealth does require a plan and discipline to reach your goals,' she said. Young Australians wasted the most money, according to a Finder survey, with gen Z admitting to wasting a whopping $237 a month, compared to just $65 by baby boomers. Finder money expert Rebecca Pike said whether you're wasting $5 or $500, it all adds up. 'It's not about living like a monk – no one is saying not to have fun and enjoy yourself from time to time,' she said. 'The more you can segment or budget what you will spend for fun, the better. 'Once you think about spending as a long-term investment rather than short-term indulgence, the more you will actually enjoy when you do splurge.' Ms Pike said even small changes can have a big impact. 'When you add it all up, that's money you could be saving for a home deposit, a holiday, or just a rainy day. 'Redirecting just a small portion of that could set you up for greater financial security, whether it's building savings or paying off debt.' Her tips included manually tracking your spending, through apps like Gather or WeMoney and putting savings into a high-interest savings account. 'It's a low-risk way to let your money grow – helping you build a financial cushion.' Other tips included putting 24-hours between unplanned purchases and unsubscribing from tempting emails and alerts. MORE: Top NSW regions for lifestyle and investors Oroton heirs' stunning $30m payday
Yahoo
15-05-2025
- Business
- Yahoo
Aussie breaking taboo to reveal salary exposes reality facing millions of Aussies: 'No way'
A young woman has stunned Aussies online after revealing she is earning 'just over $60,000' for her job as an executive assistant. Many Aussies questioned how she survived on the salary, but the reality is that her income is close to the average for many workers. The woman was stopped in the street in Brisbane by jobs app Getahead and revealed she worked as an executive assistant at an architecture firm. She said she also did studio assisting, which is just what architecture firms call the workplace. '[It involves] helping run the place and making sure it all goes smoothly,' she said. RELATED FIFO workers hit back at $116,000 'easy job' misconception: 'Shouldn't be underestimated' Centrelink issues urgent Age Pension eligibility change warning: 'Double check' Retirement warning as controversial $3 million superannuation tax change looms: 'Be proactive' The woman said she studied interior design and was hoping her job was a 'bit of a gateway' to get into the field. She said she would recommend the job to other Aussies and said it was helpful if people were naturally creative. 'It's a long process to start off with. Those who are going through uni, it's really good to do a few internships,' she video has racked up thousands of views, with some people questioning how the woman was getting by on a $60,000 salary. 'I'm guessing she still lives at home.. no way she survives otherwise.. and assuming she's close to moving into her next role,' one wrote. '$60,000 how does she survive on that?' another said. Others said she could be earning more as an executive assistant, with jobs platform SEEK reporting the average salary ranges from $85,000 and $105,000 for the job. 'From one EA to another, you can do so much better,' one wrote. 'Yeah wow EA roles are like min $85,000+,' another said. "Hopefully she sticks with it and [will] be on $100+ soon," a third added. The average full-time wage is $104,765 a year, however, the Grattan Institute found more than three-quarters of Australian workers earn less than this. Most earn less than the average hourly wage, with many working part-time. The typical full-time Australian worker actually earns $90,416, the group found, and the typical Australian worker (including part-time workers) earns just $67,786. About a third of Aussies aren't in paid work because they are retired, have a disability, care for others, or are unemployed. Because of this, the typical adult's income (from all sources) is lower again at $42,027. While the woman's salary is close to the typical amount Australian workers earn, many Aussies believe you need to be earning more than double that for it to be considered a "good" income. A Finder survey of 1,012 respondents earlier this year revealed that the average person believes a 'good' base salary starts at $152,775 per year. Finder personal finance expert Sarah Megginson said this was well above the $100,000 salary, which was once a 'benchmark' for comfortable living. '[It] now often feels more like a necessary starting point, especially in major cities,' she said. 'Persistent inflation and a dramatic surge in property prices have reshaped perceptions and many people now feel that a low six-figure income no longer provides the same level of financial stability it once did.' Megginson said having a sufficient income wasn't just about how much you were earning. 'It's about how hard that money works for you, your spending habits and the money leaks that are draining your wallet, and how your income aligns with the life you want to live,' she said. 'You can have one person earning a solid six-figure income who is living pay to pay and is constantly stressed about money, while someone else is earning $50,000 a year and paying all their bills on time and feels financially in control.'Sign in to access your portfolio
News.com.au
15-05-2025
- Business
- News.com.au
Top reasons stopping Aussies from financial success
The cost of living crisis has pushed many into high levels of financial stress, yet comparison site Finder discovered many are sabotaging themselves even further. A survey of 1,011 respondents from Finder revealed that most Aussies are setting themselves up for financial failure and have exposed the biggest obstacles that stood in the way. The most common barrier was wasteful spending with the average Aussie wasting $154 per month. Over a third of respondents said the biggest waste was spending too much money on shopping, according to Finder. Other money mistakes included paying bills late, which one quarter of respondents were guilty of, one in five fell into credit card debt and 20 per cent said they spent too much money at bars, pubs and clubs. Sarah Megginson, personal finance expert at Finder, said majority of Aussies are unknowingly standing in their own way. New neighbourhood coming to Sydney 'Most people don't have a money problem – they have a mindset problem. Breaking these patterns could be the difference between staying stuck and building real financial freedom. 'The idea that you're 'too old' or 'too busy' to build wealth is a myth – and one that's costing Australians dearly.' Another major roadblock was that one in five felt their lack of financial knowledge was preventing them from financial success. 'These blockers are silent wealth killers – they creep into our everyday choices and steal opportunities,' Ms Megginson added. What homes will be worth in each suburb by 2030 'But the good news is once you are aware of them, you can change them.' She urged Aussies to scrutinise all their living costs to free up more discretionary income. 'It's never too late to take control – increasing personal wealth does require a plan and discipline to reach your goals,' she said. Young Australians wasted the most money, according to a Finder survey, with gen Z admitting to wasting a whopping $237 a month, compared to just $65 by baby boomers. Finder money expert Rebecca Pike said whether you're wasting $5 or $500, it all adds up. 'It's not about living like a monk – no one is saying not to have fun and enjoy yourself from time to time,' she said. 'The more you can segment or budget what you will spend for fun, the better. 'Once you think about spending as a long-term investment rather than short-term indulgence, the more you will actually enjoy when you do splurge.' Ms Pike said even small changes can have a big impact. 'When you add it all up, that's money you could be saving for a home deposit, a holiday, or just a rainy day. 'Redirecting just a small portion of that could set you up for greater financial security, whether it's building savings or paying off debt.' Her tips included manually tracking your spending, through apps like Gather or WeMoney and putting savings into a high-interest savings account. 'It's a low-risk way to let your money grow – helping you build a financial cushion.' Other tips included putting 24-hours between unplanned purchases and unsubscribing from tempting emails and alerts.
