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16.7 million Aussies don’t know the cash rate

By Cameron Micallef · August 13 2019
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Invest

16.7 million Aussies don’t know the cash rate

By Cameron Micallef
August 13 2019
Reading:
egg
egg
egg
Finder

16.7 million Aussies don’t know the cash rate

author image
By Cameron Micallef · August 13 2019
Reading:
egg
egg
egg
Finder

Despite back-to-back rate cuts and a historically low 1 per cent cash rate making the news this year, most Australians are in the dark about the current cash rate, according to a new poll.

The survey, undertaken by Finder, has highlighted that 86 per cent of respondents were oblivious to the new rate, despite the potential saving flowing through to their mortgages.

Based on the sample size, and the population of Australia, the 86 per cent figure is equivalent to 16.7 million Australians.  

Finder’s money expert, Bessie Hassan, said even the smallest change to the cash rate results in investors being able to save thousands.

“If borrowers fail to keep tabs on cash rate movements, they could be missing out on a golden opportunity to save big money by either negotiating a better rate or looking elsewhere,” Ms Hassan explained.

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According to the research, more than half of Australians (56 per cent) think the cash rate is higher than it is, with 13 per cent assuming it to be sitting between 5 and 10 per cent.   

A further one in three (30 per cent) of Aussies alternatively indicated that they believe the cash rate to be lower than it is.

Just 10 per cent of women and 18 per cent of men surveyed could identify the correct cash rate.

Such “economic ignorance” is costing Australians, according to Ms Hassan. 

“Keeping informed means knowing which direction rates are going. Next step is knowing how this impacts the interest on your mortgage,” she said. 

“Take a look at your current interest rate and compare it to what’s being offered across the board. If it isn’t up to scratch, it may be time to refinance,” Ms Hassan concluded.

16.7 million Aussies don’t know the cash rate
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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