Despite the booming state economy, research¹ released today reveals a staggering 8 in 10 West Australians admit to not making the most of it financially.
The state-wide research from BankWest was commissioned to determine the 'mind and mood' of West Australians during the current period of economic prosperity. It reveals that whilst 75 per cent of West Australians are optimistic about their financial futures and an astounding 92 percent satisfied with their current employment, 6 in 10 say the boom hasn't affected the way they manage their finances and 2 in 10 say they sometimes save, but admit they could be using the boom better.
Of concern, only 13 percent of West Australians are setting money aside in savings for when the boom ends, indicating many may have false hopes that it's here to stay. According to recent comments by West Australian Treasurer Eric Ripper however, this could be an unwise presumption: "My view is that we are at the peak of the boom. I'm confident about the next two or three years but I don't think we'll be at this sort of peak that we are at the moment."²
To help West Australians make hay in WA and maximise their savings during boom time, BankWest and Gay Curtis, one of Australia's most popular money coaches and author of Smart Couples' Guide to Money, will be running free financial education seminars in Perth, Fremantle and Karrinyup from 6-8 November. Full details³ available on www.getsaving.com.au
Says BankWest Head of Marketing and Products, David Rose: "It's great to see that optimism is high in West Australia and we want to ensure everyone is equipped to make the most of these times. There's no better moment than now for West Australians to get their finances on track and start a nice nest egg. As part of the Get Australia Saving initiative, we're encouraging people to prepare now, make hay in WA and save for the future."
In an ironic twist, whilst optimism and job satisfaction may be high, the research also revealed that underlying financial concerns are weighing on the minds of West Australians. Topping the list of concerns at 48 percent, was the ability to save for a personal goal, whether it be a current goal or a goal they're aiming for in the future. Coming in second at 42 percent, was the concern about preparing for their retirement, either currently or in the future. Concerns about paying off a mortgage (40%) and paying off debts (37%) also rated high.
Says David: "The research shows that no matter how flourishing an economy may be, when it comes to an individual's outlook on their own personal finances, it isn't necessarily as positive. Now is the time that West Australians should be most motivated to get their finances on track. Gay's seminars will cover topics such as budgeting skills, savings ideas and being savvy with your credit card and the aim is to help people become "money smart" and reach their financial goals."
Says Gay Curtis: "Money is one topic that people can struggle to get their heads around and often knowing where to begin is half the challenge. I'm thrilled to be involved in an initiative that's providing the community with the opportunity to learn invaluable life lessons about money management and arming them with the confidence to tackle their financial futures head on. I'd encourage anyone looking to become money smart to register their interest in the seminars on http://www.getsaving.com.au. - it's one hour out of a week that can reap rewards to last a lifetime."
- ends -
For further information or to arrange an interview please contact:
Jane Gregory, Pulse Communications Scott Gillespie, Pulse Communications
02 8281 3859/ 0416 137 335 02 8281 3839/ 0417 233 670
jane@pulsecom.com.au scott@pulsecom.com.au
Notes to editors:
¹ The Newspoll survey was commission by BankWest and interviewed 300 West Australians aged 18 and above, reflecting the views of about 1.6 million West Australian adults. The survey results were post-weighted to Australian Bureau of statistics population estimates.
² The Australian, "Treasurer warns of ceiling on boom", 28 September 2006
³ The financial seminars will be held from 6-8 November 2006 in the following locations:
- BankWest Fremantle Branch - 54 Adelaide Street, Fremantle
Monday 6 November @ 5:30pm - BankWest Tower - Level 46, 108 St George's Terrace, Perth
Tuesday 7 November @ 7:30am
Tuesday 7 November @ 5:30pm
Wednesday 8 November @ 12:30pm - BankWest Karrinyup - Cnr Davenport & Francis Streets, Karrinyup
Wednesday 8 November @ 5:30pm
To register their attendance, people should visit www.getsaving.com.au
