- 3 July 2019 09:27
Most Australians aspire to be richer than their parents and almost one third of them want to be significantly wealthier
eToro omnibus research finds:
● Nearly one in three (31%) Australians do not have a wealth-building strategy in place but acknowledge they need one.
● 50% of Australians have a long-term wealth building strategy but only 14% say they are happy with it.
● 80% of Australians are interested in looking for ways to actively build their wealth beyond their current income and savings.
● Close to a third of 18-24 year olds, and more than one in four 25-34 year olds, are receiving money from their parents or other family members to invest.
● 64% of Australians have never invested in shares or other asset classes - outside of superannuation.
Sydney, Australia, 3 July 2019 – eToro, the world’s leading social trading and multi-asset investment platform, today announces findings from new Australia-wide omnibus research exploring the current attitudes of Australians towards investing and trading in a wide range of asset classes.
The research reveals the extent of Australians’ aspirations to build wealth, with 57% of them wanting to be wealthier than their parents; and, close to a third aspiring to be significantly wealthier. Yet almost a third of Australians don’t have a plan in place to realise these aspirations, despite knowing they need one.
The survey showed that younger Australians – those aged 18-24 and 25-34 – are receiving financial support from their parents or other family members to invest (30% and 26% respectively, compared with 11% for 35-49 year olds and 5% for 50-64 year olds).
Commenting on the findings, Robert Francis, Managing Director, eToro Australia said: “eToro’s research reveals that the majority (80%) of Australians are interested in finding ways to boost their wealth. Australians are investing to fund their retirement, buy big ticket items such as homes or cars, or provide an inheritance. However, the study also shows that a third don’t have a plan in place to meet these goals – despite acknowledging that they need one.”
eToro commissioned the research through YouGov Galaxy in order to further build a solid understanding of Australia’s trading and investment habits ahead of its launch this month.
Yoni Assia, Co-founder and CEO of eToro, said it was the right time for eToro to build a stronger presence in the Australian market: “eToro was founded in 2007 with the vision of opening up the global markets for everyone to trade and invest in a simple and transparent way.
“We built the platform as a social network for traders and investors, where they can execute trades, but also see what others are doing, follow each other, talk to each other and copy strategies of the most successful. Today, we have a community of over 11 million registered users. People create the eToro experience and now Australians can play a role in shaping our community and future.
“eToro offers a wide array of tools for people to increase their financial literacy, share knowledge and insights and enable them to invest in the assets they want. Due to the simplicity of the eToro platform, users can easily buy, hold and sell assets, monitor their portfolio in real time and transact whenever they want,” he explained.
The research also revealed:
● Starting early is the key to building long-term wealth. More than half (51%) think the age at which it is important to start building long-term wealth is 25 years or younger.
● Interestingly, millennials (those born between 1985 and 2001), are most likely (79%) to think it is important to start building long-term wealth by 30 (compared to 61% of Gen X and 64% of Baby Boomers).
● Only 14% have wealth-building plans in place which they were happy with, and another 14% have plans but they need to be more clearly defined and improved.
“It’s fantastic to see that Australians understand the importance of starting early when it comes to financial planning. We want to help people realise their investment goals by providing the tools people need in order to invest, namely access to the assets they want, knowledge and insight, plus a user-friendly experience. We hope that as we grow our business in Australia we can help more and more people take an active role in securing their financial future.” added Mr Francis.
In 2007, eToro pioneered the first social trading and investment platform and has been disrupting financial services around the world ever since. Today, eToro has more than 11 million registered users globally who belong to an active online investment community where members share their knowledge and insights. On eToro, users can trade and invest across a wide range of asset classes either by trading themselves or by copying the strategies of eToro’s most successful investors’ through the unique CopyTrading and CopyPortfolio tools.
“eToro is for everyone. It’s for investors who have time to build their wealth, experienced investors looking for ways to expand and diversify their investments; and anyone interested in investing, trading and building wealth. Signing up is free and includes an $100,000 virtual account to gain first-hand experience before investing real money,” concluded Yoni Assia.
eToro is able to offer Australia-based traders one-for-one CFDs on international shares, indices, commodities, ETFs and crypto, with the goal of rolling out a broader range of user-friendly services and asset classes in which Australians can invest over the next six months.
About eToro Australia eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than 11 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
eToro has pioneered value-added services such as CopyTrading™ and CopyPortfolios™, as well as the Popular Investor program, which allows eToro qualified members to earn and additional income directly from eToro when their investments are copied by another member and allows others to gain from their wisdom, experience and success.
eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, regulated by the Financial Conduct Authority in the UK, and by the Australian Securities and Investments Commission in Australia.
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