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
Introduction
Got to have that ipod... or those designer jeans? What about that mobile phone?
Why is saving important?
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.
How do you save?
What is the best savings account for me?
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.
Why do we need to be financially aware?
Acquiring and using money wisely is not something we automatically know how to do.
How to become financially aware
With any financial agreement there is a contract between two or more parties which is legally enforceable.
Conclusion
Suncorp's Banking Division covers both consumer and business banking, predominately for small to medium-sized businesses.
Introduction
Why is saving important?
How do you save?
What is the best savings account for me?
Why do we need to be financially aware?
How to become financially aware
Conclusion
