Superannuation is regarded as the second best place, after high-interest savings accounts, to hold money in the event of rising interest rates and inflation, according to a survey by a currency transfer comparator.
Send Money Australia commissioned a survey of 1009 Australians asking respondents to choose where they believe the best place to hold savings is based on return on investment.
The survey asked respondents to choose from 10 options: investment property, shares, superannuation, high-interest savings accounts offered by the banks, managed/index funds, cryptocurrency, collectibles, precious metals, overseas currency and overseas investments.
Of these options, high-interest savings accounts ranked first, with 25 per cent of respondents choosing this option, followed by superannuation at 22 per cent and investment property at 18 per cent.
“The result points to the attraction of liquid financial assets and the probability of many Aussies holding off on investment decisions in the current environment,” Send Money stated, adding the 15 per cent tax within superannuation was likely to be an attraction to some investors.
Send Money added the rapid fall of house prices due to increased interest rates has shaken the traditional view of investment property as a safe and high-yielding investment, leading to its third placing, while volatility in the Australian share market led to only 11 per cent of respondents believing shares were the best place to put their money.
“Cryptocurrency upheld its reputation for high-risk precariousness in 2022, losing approximately $1 trillion in value across May and June this year alone,” it said.
“Australians are yet to forget this tumultuous period: just 3 per cent of the survey respondents believe cryptocurrencies are the best place to put their money in.”