Bank account news and advice

All the latest bank account news and top tips to help you manage your bank account.

Aussies are less happy with their bank accounts

Aussies are less happy with their bank accounts

A growing number of Aussies are feeling less content with their bank accounts, which could prompt more people to search for a better deal. According to a new study conducted by Roy Morgan Research, satisfaction with the country's major banks has waned for the second consecutive month. Happiness levels were down by 0.4 per cent in March 2012 compared to the previous month. This followed on from a 0.5 per cent dip in February, which was the first decline since March 2011. The majority of survey respondents said they were peeved about rising home loan rates. The study also indicated that Aussies who use a smaller bank are generally far more content than those who rely on more established names. "It will be interesting to see if the superior performance by the smaller players can be translated into market share gains," commented industry communications director at Roy Morgan Research Norman Morris. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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Budget could be painful for Aussies

Budget could be painful for Aussies

A lot of Aussies' bank accounts are in a sorry state due to the rising cost of living down under, but are things about to get worse? The government wants to achieve a budget surplus, but the chances of this are slimmer than it was first thought. Treasurer Wayne Swan needs to plug a gap in the region of $8 billion if the authorities are to reach their target, which has sparked fears of tax increases or public sector cutbacks. With many Aussies feeling the pinch, the last thing they need is to be hit with a tax hike, but the government has to claw back the cash from somewhere. Drivers will be hoping that duty rates on fuel will be left well alone, as motorists are already paying sky-high prices at the pumps. This is not the only sector where costs appear to be spiralling out of control. Recent figures showed that major cities like Melbourne and Sydney are among the most expensive places to live in the world, so it is clear that whatever the government decides to do, it must not plunge Aussies into even deeper financial trouble. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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Households 'are failing to stick to a budget'

Households 'are failing to stick to a budget'

A worrying number of Aussies are failing to stick to a budget, new research has shown. According to a study conducted by St George Bank, more than half of Australian households do not take the time to plan their finances, National Features reports. Just 49 per cent of the survey respondents said they managed their monetary situation on a regular basis. This is particularly surprising when taking the results of the latest Westpac/Melbourne Institute Consumer Sentiment Index into account. The Australian Associated Press reports that people are far from happy with their financial standing, which makes it even more important that Aussies do not overstretch themselves. More than a quarter of households stated that they either did not have time, or it was too hard to keep track of their spending. With more people being able to access their bank accounts online, there really is little excuse for constantly living beyond your means. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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Women keen to boost their earnings before settling down

Women keen to boost their earnings before settling down

It seems that the global economic downturn has had a bigger impact on people's lifestyle than many Aussies may realise. Lots of companies were forced to make some members of staff redundant when the worldwide recession took hold in 2008-09 and plenty of workers are still concerned about the security of their jobs. A new study conducted by Clearblue has shown that women want to ensure they are in a solid financial position before they consider having children. Australians' bank accounts have been under increasing pressure in recent months, as the cost of living has risen sharply and it appears that females are willing to postpone raising a family. Just four per cent of ladies who responded to the survey said that having children was their top priority. Almost half suggested that having a child would be too much of a financial burden at this moment in time. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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Prioritise your spending to avoid debt stress

Prioritise your spending to avoid debt stress

Many Aussies are wallowing in debt and this could have a negative impact on their physical health and mental wellbeing. The cost of living down under appears to be rising all the time and plenty of people have seen their bank accounts take a major hit in recent years. Occupational psychologist and author of Taming the Pound: Making Money Your Servant, Not Your Master Kim Stephenson believes that being in arrears can have serious consequences. "We can end up with a whole range of niggling things and become more susceptible to serious illness because our immune system isn't working properly," he remarked. With money being so tight, Mr Stephenson suggested that Aussies cannot afford to have materialistic attitudes anymore. He said that the desire to always want more can make Aussies really unhappy and people can easily become slaves to money. The expert advised households to adjust their spending habits so they are only buying essential items. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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Aussies 'looking for bargains when dining out'

Aussies 'looking for bargains when dining out'

Aussies have been forced to reign in their spending in a number of ways since the global financial crisis took hold and this includes dining out. According to new figures released by the Australian Bureau of Statistics, people are being cautious about how much they spend on their debit cards when they head to a restaurant or eatery. Many more Aussies are searching for special deals before booking a table in a particular establishment. However, despite this new bargain hunting approach, figures indicated that $19.6 billion was spent on eating out in the year leading up to November 2011. Chief executive at Restaurant and Catering Australia John Hart said many chefs have been forced to offer discounts in order to attract customers. "We started to see deals like lunch with a glass of wine and that was before the daily deals kicked off and that's been retained ever since," he remarked. A recent study conducted by ING Direct showed that people in New South Wales are the most confident about their financial wellbeing in 2012, as many were able to boost their savings accounts last year. Have a question about debit cards? Ask the money gurus at Mozo Answers.

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Tax office 'bogged down by bonuses'

Tax office 'bogged down by bonuses'

This year’s tax returns are likely to be a little late in coming, as the Australian Tax Office (ATO) is too busy handing out Kevin Rudd’s $900 cash bonuses.

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