Case Study Pages:
Saving for the future
This Case Study profiles Suncorp, one of Australia's leading financial companies. Suncorp provides financial solutions for individuals and small medium-sized enterprises in the areas of banking, insurance, investment, superannuation and financial planning. As a result of reading the Case Study, the student should be able to:
- Understand the importance of savings
- Identify how savings can be held in a range of bank accounts
- Recognise the role of savings in providing funds for investment and wealth generation within Australia
- Understand the importance of financial literacy to the individual and to small and medium-sized businesses
Got to have that ipod... or those designer jeans? What about that mobile phone?
Savings allow a person or business to buy more expensive items that cannot be afforded in the short-term, for example, an individual could use savings to pay for annual car insurance, a holiday or a wedding.
Savings for short-term or emergency goals, e.g. rent or car repairs need to be accessible, and are therefore usually kept in an account available at a branch of the bank with at-call access by ATM or EFTPOS.
Acquiring and using money wisely is not something we automatically know how to do.
With any financial agreement there is a contract between two or more parties which is legally enforceable.
Suncorp's Banking Division covers both consumer and business banking, predominately for small to medium-sized businesses.