Finance

Another class action to target retirement village rip-offs

A second legal firm is calling on former residents of Aveo retirement villages to join a class action.

Maurice Blackburn Lawyers is seeking former Aveo retirement housing residents who paid departure fees from 2013 onwards.

The class action, which would be conducted on a no-win, no-fee basis, follows a joint Fairfax Media/ABC Four Corners investigation in June that revealed questionable business practices by the Aveo Group.

Seminars step up seniors' financial literacy

National Seniors is helping older people boost their financial literacy with two seminars later this month in Tasmania, where nearly one in five people are aged 65 and over.

National Seniors Financial Information Desk senior officer Basil La Brooy said 2016 census figures showed 19.4 per cent of the Tasmanian population was aged 65 and over, up from 16.3 per cent in 2011.

Australians too loyal for their own good

Australians are a loyal lot – but they are paying a heavy price for it when it comes to banking.

A new survey conducted by comparison website finder.com.au has found that 47 per cent of Australians stay with the one bank for their financial needs.

A total of 49 per cent of women surveyed said they were more likely to bank with only one lender, compared with 46 per cent of men.

Mobile banking to overtake internet banking

Mobile banking via phone or tablet is set to overtake internet banking using a website in the next few years.

Roy Morgan Research found in the six months to June 2017, 8.3 million people used mobile banking in an average four-week period, up from 4.83 million in 2013, an increase of 3.47 million or 71.8 per cent in only four years.

Just over half the50,000 consumers surveyed over a year said internet banking using a website remained the main channel for dealing with a bank.

Australia only 58th most affordable country

Australia has been ranked only the 58th most affordable place to live in the world behind countries including Oman and Saudi Arabia.

Removalist company Assured Removals said the South American country Suriname was rated the most affordable place to live, based on comparison of the average house price against the average income of its residents.

The company’s survey identified property markets in Barbados and China as overpriced – but the USA was rated as a bargain.

Don’t waste that gift card

Australians are wasting $70 million a year in unused gift cards.

A new study by comparison website finder.com.au showed that 14 per cent – or 2.6 million people - let the funds expire on gift cards in the past two years.

On average, Australians left $54 each on gift cards, but men were more wasteful, leaving $68 on the card on average, while women left $45.

Finder’s Bessie Hassan said consumers were giving retailers a free ride.

“Unlike cash, which can easily be spent, gift cards often fall between the cracks,” she said.

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