Wealthier Australians are less satisfied with their bank

Original article by Roy Morgan
Market Research Update – Page: Online : 20-Nov-19

Satisfaction levels with the banking industry are related to an individual’s level of wealth, new research from Roy Morgan shows – with the wealthiest 30% of Australians less likely to be satisfied with their banking relationships (75.4%) than the middle 40% (80.1%) or the bottom 30% (84.7%). The wealth-linked difference in banking satisfaction levels has grown more extreme over time. In 2013 the satisfaction level of the wealthiest Australians was 80.8% and that of the poorest Australians was 82.8%, a gap of just 2%. This figure has more than quadrupled to 9.3%. Six years ago there was no significant difference between the satisfaction of the middle 40% and that of the wealthiest 30%, but these levels have also grown steadily apart, opening up a gap of 4.6%. These insights come from Australia’s most extensive, longest study of consumer financial behaviour. Running continuously for more than 20 years, it involves over 50,000 in-depth, face-to-face interviews in respondents’ homes each year.

CORPORATES
ROY MORGAN LIMITED

Figures show Australia’s wealth is growing but benefits are not spread evenly

Original article by Charis Chang
News.com.au – Page: Online : 31-Oct-19

The Roy Morgan Wealth Report shows that Australia’s net wealth has increased by 90.5 per cent, or $4107bn, between 2007 and 2019. The nation’s wealth increased by 47.6 per cent when the CPI is taken into account. The net wealth of individual Australians has also increased since the global financial crisis, but this increase has not been spread evenly across the population. Median net wealth has increased by 26.3 per cent to $1.7m, although this has fallen by 2.2 per cent when adjusted for the CPI. However, the top decile of Australians have increased their wealth by 60 per cent since 2007, while the lowest decile remains in negative wealth, with their net wealth rising from -$20,000 to -$19,000. Roy Morgan CEO Michele Levine says wealth inequality can breed distrust in society.

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ROY MORGAN LIMITED

New Roy Morgan Report Fills the Information Gap on Australians’ Net Wealth

Original article by Roy Morgan
Market Research Update – Page: Online : 30-Oct-19

There has been no shortage of attempts to measure the true state of wealth in Australia. Some have focused on income, others have tracked debt and yet others have tried to quantify assets. They have supplied pieces of the puzzle. But no-one has been able to provide the full picture on the Net Wealth held by individual Australians – until now. The Roy Morgan Wealth Report 2019 fills the gaps, providing evidence-based answers to the lingering questions about wealth in our nation. By calculating total personal assets and subtracting total personal debt, the report offers the first fully detailed data on Australians’ Net Wealth. This information matters because wealth, and the way it is distributed, is intrinsically linked to Australia’s economic resilience and future. Roy Morgan is able to deliver this information thanks to Australia‚Äôs most extensive and longest-running study of consumer financial behaviour. The study, which has been running continuously for more than 20 years, involves over 50,000 in-depth, face-to-face interviews conducted in respondents’ homes each year. This provides privileged access to every aspect of Australians’ lives, including fully detailed financial positions, providing data of unmatched depth and breadth. It enables analysis of genuine Net Wealth by age, gender, location, employment type and more, showing precisely what form that wealth takes, how evenly or otherwise it is distributed, how it has grown, and what further shifts are likely in coming years.

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ROY MORGAN LIMITED

Baby Boomers put squeeze on the young

Original article by John Kehoe
The Australian Financial Review – Page: 8 : 19-Aug-19

The Grattan Institute contends that people aged 40 contribute twice as much in tax to support older Australians than Baby Boomers did at the same age, after adjusting for inflation. The percentage of households over the age of 65 that pay tax has fallen from 27 per cent in the mid-1990s to 17 per cent, while the Grattan Institute notes that the wealth of households under the age of 35 has barely changed since 2004. It puts forward a number of suggestions to address this intergenerational divide, including taxing superannuation earnings in retirement at 15 per cent and lifting the pension age.

CORPORATES
GRATTAN INSTITUTE, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. PRODUCTIVITY COMMISSION, KPMG AUSTRALIA PTY LTD

Females closing the gender wealth gap

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Aug-19

The latest findings from the second edition of the Roy Morgan Wealth Report show that the average net wealth (personal assets minus debt) per capita of females in Australia in the year to March 2019 was $400k, equal to 89% of the male average of $449k. This gap is now much smaller than it was in 2007, prior to the global financial crisis, when the female average was only $236k (or 80% of the $296k male average). Overall, the average net wealth per capita of Australians has grown from $285,600 in 2007 to $424,200 in 2019, an increase of 59.7%. This is an increase in real terms (allowing for inflation) of 23.8%. Both genders have shown increased per capita net wealth, but the average woman experienced a 69% increase (from $236k to $400k), while men showed an increase of only 52% (from $296k to $449k). The report is drawn from over half a million in-depth face-to-face interviews conducted in Australians’ homes over the period from 2007 to 2019.

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ROY MORGAN LIMITED

Perth loses top personal net wealth ranking to Sydney

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Aug-19

The second edition of the Roy Morgan Wealth Report shows that Sydney boasted the highest average net wealth (personal assets minus debt) per capita in the year to March 2019, at $570,000. It was followed by Melbourne ($491k), the ACT ($441k) and Perth ($358k). In contrast, Perth had the highest average net wealth per capita in the year to December 2007, at $338k. This was well ahead of Sydney on $292k and Melbourne on $268k, which also trailed the ACT ($329k). The report is drawn from over half a million in-depth face-to-face interviews conducted in Australians’ homes over the period from 2007 to 2019.

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ROY MORGAN LIMITED

Australians’ net wealth shows long term gains

Original article by Roy Morgan
Market Research Update – Page: Online : 2-Jul-19

The second edition of the Roy Morgan Wealth Report shows that the value of assets held by Australians has almost doubled from 2007 to 2019 (up 96.0%). This is faster than the increase in debt of 78.6% over the same period. As a result, net wealth is now 98.7% higher in 2019 than it was in 2007. Even after allowing for population growth and inflation, the average Australian is better off. The second edition of the Wealth Report focuses particularly on how net wealth has changed since just before the onset of the global financial crisis. Australia performed very strongly over the past 12 years compared with other OECD nations – particularly in Europe, where many nations went backwards over the same period. The report is drawn from over half a million in-depth face-to-face interviews conducted in Australians’ homes over the period from 2007 to 2019.

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ROY MORGAN LIMITED

Australians’ wealth improving across all levels

Original article by Roy Morgan
Market Research Update – Page: Online : 2-Jul-19

The second edition of the Roy Morgan Wealth Report shows that net wealth per capita in Australia has increased by 65.1% since 2007, with gains across all balance levels. The average per capita increase for the lowest value 50% (Quintiles 1 to 5) of the population was 55.0%, while the average increase for the highest value 50% (Quintiles 6 to 10) was 65.5%. The report also shows that the wealthiest 10% of Australians (with an average net wealth of over $2 million, up by $811,000 from 2007), hold 47.9% of net wealth. The poorest 50% of Australians (with an average of $31,000, up by $11,000), who despite gains, have seen their total share of net wealth fall from 3.9% to 3.7%. The report is based on over half a million in depth face-to-face interviews conducted in people’s homes over the period from 2007 to 2019 across Australia.

CORPORATES
ROY MORGAN LIMITED

Murdoch siblings catapult up list

Original article by Michael Bailey
The Australian Financial Review – Page: 1 & 2 : 29-May-19

Lachlan Murdoch is ranked 18th on the 2019 Financial Review Rich List, with estimated personal wealth of $18bn. His sister Prudence MacLeod is ranked 22nd and is estimated to be worth $3.1bn. Rupert Murdoch’s other four children are not eligible for inclusion in the Rich List as they are not Australian citizens. The wealth of Murdoch’s children was boosted after they were each given 17 million shares in Walt Disney Company following the media giant’s acquisition of 21st Century Fox. Disney’s shares recently reached a record high.

CORPORATES
WALT DISNEY COMPANY, 21ST CENTURY FOX INCORPORATED, NOVA ENTERTAINMENT PTY LTD, MACDOCH VENTURES, NEWS CORPORATION – ASX NWS, CANVA PTY LTD, ARTESIAN CAPITAL MANAGEMENT (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED

Australia’s personal wealth declines

Original article by Roy Morgan
Market Research Update – Page: Online : 15-Apr-19

A Roy Morgan Single Source survey shows that the gross personal wealth (assets) of Australians aged 14+ (including owner-occupied homes) stood at $9,784 billion in the December 2018 quarter. This represents a drop of $512 billion or 5.0% from the September quarter when it was $10,296 billion, and is now at the lowest level recorded throughout 2018. Net wealth (after debt) has also decreased by 4.3%, from $8,993 billion to $8,608 billion. Despite the overall decline in household wealth over the December quarter, the average gross household wealth remains over one million dollars, at $1,016,000. This is $58,000 or 5.4% below the average recorded in the September quarter and the lowest since December 2017. The average gross wealth per capita was $502,000 in September and this has also fallen by 5.4% to $475,000 in December, the lowest for 12 months. The survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes.

CORPORATES
ROY MORGAN LIMITED