money news

News: Joint accounts fizzle, school finance, happiness tips riches

In money news, men and women say no to joint bank accounts, happiness reins over wealth, schools test financial literacy and more

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In money news that affects your hip pocket this week.

Women and men are increasingly going their separate ways when it comes to sharing bank accounts, according to a new survey by super fund owned ME Bank.

The survey of 2,000 Australian banking customers, found of those in a relationship only 49 per cent said they held a joint transaction account, 48 per cent said they held a joint credit card and 39 per cent held a joint online savings account.

ME’s study also showed a generational shift when merging money. Baby boomer couples were the most likely to hold a joint transaction account at 60 per cent, compared to Gen X couples at 48 per cent and Gen Y couples at 33 per cents. But could this be due to couples delaying marriage?

ME’s customer data also shows that joint transaction accounts are slowly losing their appeal, dropping by 7 per cent over the past 3 years.

Does happiness rule over wealth?

Happiness is said to be more important to Australians than riches.

A new survey reported in news.com.au and conducted for National Australia Bank found that Australians regarded their wellbeing and happiness as measures of success, not financial security.

Financy more on that report?

NSW pips other states on financial health

A new report by the Commonwealth Bank’s stockbroking firm CommSec has ranked New South Wales as the top performing state by economic credentials, followed very closely by Victoria.

The State of the States report saw NSW keep its top rankings on business investment, retail trade, and construction of new homes.

But Victoria is predicted to overtake NSW in the next 12 months because of its solid employment growth.

The ACT was next, then the Northern Territory, South Australia, Queensland, Western Australia and Tasmania.

Financy more on that report?

Schools test literacy program

 

The Commonwealth Bank’s Start Smart program is undertaking a two month trial to test whether virtual reality teaching can help students in years 1 and 2 with financial literacy.

Approximately 1,500 students, from 24 different primary schools in New South Wales, Victoria, Queensland, South Australia and Western Australia will participate in what’s known as the Start Smart Virtual Reality pilot.

Findings released by the Australian Security & Investments Commission earlier this year shows only about one in six parents with children at home discuss finances with their kids.

A CBA spokesperson said the storybook and virtual reality headset have been designed to address that shortfall and be a catalyst for parents and children to discuss basic financial concepts in a fun and engaging way.

Financy more on Start Smart?

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