money news

Money news: millionaires, AUD falls, rates and electricity waste

Money news that affects your hip pocket, how young millionaires invest, the outlook for interest rates and electricity bills.

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In this money news that affects your hip pocket for Wednesday.

A new study on millionaires under 40 years of age has revealed that the young rich are more likely to be conservative with their money choices than even their parents.

A report by Capgemini Consulting, published by Fairfax Media found that most have their money tied up in cash, and are less likely to invest in the stock market.

See more: Money news on millionaires under 40

The Australian dollar has fallen on renewed worries about global growth, stemming from Europe, and is buying around $US0.74 on Wednesday.

Meanwhile many commentators are tipping that the next move on interest rates will be lower, after the Reserve Bank of Australia decided to leave the official cash rate on hold at 1.75 per cent on Tuesday.

Electricity leakage is costing customers more in their bills according to energy efficiency expert Tim Bray.

News.com.au is reporting that Mr Bray said “hidden” electricity leaks are costing households thousands of dollars a year. This is alarming when you consider that the average energy bill costs households around $1690 a year.

See more: Money news on electricity wastage

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