Australians earning upwards of $100,000 a year plan to put more into investment property in the next three months, while lower-income earners target cash and debt repayment, an MLC survey has found.
According to MLC’s Quarterly Australian Wealth Sentiment Survey findings, released today, Australians have so far invested cautiously, focusing predominantly on deposits and paying off debt.
With interest rates at a record low and business and consumer sentiment on the rise, however, the survey found a “marginal increase in risk appetite”, with respondents demonstrating a growing desire to invest in property and “slightly less aversion to direct shares”.
From the report:
Respondents in the top income bracket were most interested in paying off debt and buying investment property, while those in the lowest income bracket (earning less than $35,000 a year) sought to invest in shares and cash, and pay off debt.
Debt repayment intentions were extraordinarily high among those earning between $75,000 and $100,000.
The survey involved 2,062 respondents and was conducted between August 9-27, shortly after the RBA’s latest rate cut.
Here’s where they said they kept their money at the time: