Financial success is stunted by Australians' lack of motivation despite their lack of confidence in retirement savings and investments, the latest Citibank Australian Wealth Survey reveals. 

 

"Our research has found that, overall, Australians lack the desire or motivation to take action to improve their financial situation," said Andrew de Graaff of Citi Wealth Management in a statement in December. 

 

According to the survey, only 17.5 per cent expressed confidence in stability of their retirement savings, while 62.2 per cent admitted to not having enough knowledge and investment drive to change their financial states. 57.5 per cent have no idea how much interest their savings accounts earn and 66 per cent do not even conduct their own research on which investment options would turn up the greatest benefit.

 

These results are rather ironic considering that Australia has not suffered as much as the US or the UK at the height of the global financial crisis in 2008. This, therefore, poses a challenge for local and international wealth advisory firms in the country to up the ante in terms of marketing wealth products and services.

 

"When it comes to money, a small amount of effort can go a long way. Online and internet banking means it's never been easier to open a high interest account. There are great rates and products on offer - if you are willing to make the effort to move your money," Mr de Graaff added.

 

The Citibank survey covered the responses of 1,085 Australians aged 25 years and above in September 2009.