Credit card rates are the least of Australians' concerns when it comes to managing their personal finances, a survey has found.
Despite the four biggest banks increasing credit card interest rates this year, the factor was on the bottom of the list when respondents ranked their 10 most important money matters in a national survey by NEWS.com.au and polling firm Coredata.
The most important considerations were reducing debts (85 per cent of respondents), planning for retirement (75 per cent) and superannuation (74 per cent), the June survey of 1830 people found.
Only 53 per cent considered credit card rates important.
Anne-Marie Esler, technical research manager with financial advisors Centric Wealth, said while it was surprising credit card rates were a low priority it was encouraging debt reduction was high on the list.
“Personal debt includes amounts owing on credit cards, so hopefully people have considered paying these off in order to help improve their financial situation,” she said.
Interest in investments
Three quarters of those polled believed investments were important, with property being the most popular option (59 per cent), followed by the stock market (53 per cent) and managed funds (42 per cent).
Finance websites, including business news sites and information sites, were the main sources of investment information, followed by newspapers, banks, then family and friends.
Getting advice
Of those who sought advice from banks, less than half - 46 per cent - were satisfied with the information they received. Mortgage brokers fared worse, with just 44 per cent satisfied with their advice.
This compared to 78 per cent of respondents who were satisfied with information they got from websites.
“This result suggests people need to take more time in considering who is in the best position to guide them financially,” Ms Elser said.
Half the respondents said they occasionally sought professional advice on money management while 31 per cent had never done so.
Those with higher incomes were more likely to seek advice.
Retirement
When it came to planning for retirement, 60 per cent of young respondents aged 29 and below said it was important.
“This is a surprising result. It is great to see that so many people under 29 years are contemplating their retirement savings,” Ms Esler said.
“Hopefully these people will also be taking action by having a savings plan either inside super by way of salary sacrifice or taking advantage of the Government’s co-contribution, or outside super through share, managed funds or property investments.”
Those aged 40-49 placed the most importance on a retirement plan (91 per cent), followed by the 50-59 age group (89 per cent).
