Where do Australians believe would be the best place to put any of their money? By State.
Send Money Australia analysed responses across the five major States. Across most States, the highest proportion of respondents believe that placing their money in high interest savings accounts with the banks will yield them the best return on their investment. The State leaning towards this option most is Western Australia, with 31 per cent of respondents choosing it, compared with just 22 per cent of Victorians.
In fact, 23 per cent of Victorian and 27 per cent of West Australian respondents would rather put money in superannuation.
The lack of trust in cryptocurrencies as a form of investment was evident across all major States, but particularly NSW and South Australia, where an equal 1 per cent of respondents chose this avenue as the best place for money. The State with the most trust in cryptocurrencies as a place to hold money is South Australia, even though just 7 per cent of respondents chose this avenue.
The rest of the states aligned with the consensus: 21 per cent of Victorians; 20 per cent of Queenslanders, 17 per cent of NSW respondents, 16 per cent of West Australians and 15 per cent of South Australians all believe that investing savings into real estate will both yield the greatest return and minimise impacts on savings from rising inflation and interest rates.
On the other hand, Australians do not trust their savings to be unaffected, or to yield a promising return, if invested into collectibles or overseas markets. Less than two per cent of respondents from all States chose these as the best places to store money and get a return on investment.