Aussie savings survey reveals gender differences in investment patterns
Australian men and women still love their savings accounts but other forms of investment are gaining ground
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Less than a quarter of Australians save less than $250 or less per month, a new survey reveals.
The survey by online financial brokers, Savvy, also reported that just 14 percent of women invested shares, compared with 23 percent of male respondents, while 26 percent of men were contributing to their superannuation compared with 21 percent of women.
Savvy surveyed more than 1,000 people about their savings habits and found that 78 percent of Australians chose their savings accounts as the top place to invest their money, followed by 24 percent for their superannuation and 19 percent in shares. Crypto currencies and NFTs accounted for 6 percent of investments, just behind property on 8 percent.
In terms of savings, the survey found that 32.5 percent of Australians save $750 or more each month, while 15 percent save between $251 and $500 on a monthly basis.
Of greater concern, 43 percent of Australians said that they are ‘not confident’ that their investment returns will continue to outpace inflation in the near future, a sign that consumer confidence is on the decline.
Savvy managing director Bill Tsouvalas said it was important to maintain cash flow as cost of living pressures increase.
“Though everything seems to be getting more expensive, now isn’t the time to stop putting money away for the future,” he said.
“When inflation is high, you should be looking for easy investment options that will protect your savings, like term deposits, savings accounts, shares and managed or indexed funds; all of which can provide a better return on investment and help you save for big ticket items, such as a house deposit.”
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Starbucks is making another major leadership change just one week after new CEO Brian Niccol started his job.
Michael Conway, the 58-year-old coffee chain’s head of North America, will be retiring at the end of November, according to a Monday filing with the Securities and Exchange Commission.
The decision came only six months after Conway took on the job. His position won’t be filled. Instead, the company plans to seek candidates for a new role in charge of Starbucks’ global branding.
The chief brand officer role will have responsibilities across product, marketing, digital, customer insights, creative and store concepts.
“Recognizing the unmatched capabilities of the Starbucks team and seeing the energy and enthusiasm for Brian’s early vision, I could not think of a better time to begin my transition towards retirement,” wrote Conway in a statement.
Conway has been at Starbucks for more than a decade, and was promoted to his current job—a newly created role—back in March, as part of the company’s structural leadership change under former CEO Laxman Narasimhan.
The coffee giant has been struggling with weaker sales in recent quarters, as it faces not only macroeconomic headwinds, but also operational, branding, and product development challenges.
Narasimhan was taking many moves to turn around the business, but faced increasing pressure from the board, shareholders, and activist investors.
One month ago, Starbucks ousted Narasimhan and appointed Brian Niccol, the former CEO at Chipotle, as its top executive. The stock has since jumped 20% in a show of faith for Niccol, who started at Starbucks last week.
When he was at Chipotle, Niccol made a few executive hires that were key to the company’s turnaround.
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