Latest news with #SarahMegginson
Sky News AU
12 hours ago
- Business
- Sky News AU
One in eight Australians getting swindled by Chinese manufacturers claiming to sell luxury goods on social media
As many as one in eight Australians have bought counterfeit designer goods from China, new research from Finder has revealed. The data comes as a social media trend has surged on TikTok, where Chinese manufacturers have been using the platform to advertise their products to Aussie consumers. The manufacturers claim to sell items belonging to luxury brands such as Louis Vuitton and Lululemon direct from the factory at much lower price than retail. In Finder's survey of 1005 respondents, 12 per cent admitted to buying counterfeit goods from manufacturers in China such as DHgate and Alibaba - making it an estimated 2.6 million Aussies purchasing these items which range from activewear to luxury handbags among other products. The majority (73 per cent) said they had not and were not considering it, while the other 16 per cent said they had not, but were considering purchasing the knock-off items. Research also found women (15 per cent) were almost twice as likely to have purchased counterfeit designer goods directly from China than men (eight per cent). Chinese manufacturers' move to market cheaper versions of designer goods has come off the back of United States President Donald Trump's decision to impose sweeping taxes on foreign products. Personal finance expert at Finder, Sarah Megginson, said social media users were attracted to the bargain offers which had gone viral. 'Chinese manufacturers claim to be giving consumers the inside scoop on where luxury brands are really made,' she said. 'These Chinese e-commerce sites are trying to convince consumers to buy direct at lower prices." Ms Megginson warned if an offer looks "too good to be true" that "it usually is". 'What might seem like a savvy shopping hack could end up costing consumers more if the goods don't turn up," she said. 'The rise of counterfeit culture on social media is putting Aussies at financial risk — with many losing money to parcels that never arrive or dodgy sellers that disappear overnight.'
Sky News AU
2 days ago
- Business
- Sky News AU
More than nine million Australians struggling with less than $1000 in the bank, new research from Finder reveals
More than nine million Australians are one major bill away from financial ruin, shock new research from comparison site Finder has revealed. A new survey found 43 per cent of Australians have less than $1000 in their bank account, putting them just inches away from breaking point. Of those with less than a grand in savings, the average account balance was $215 which is the average weekly grocery bill for NSW households according to Finder. More than half of respondents admitted they lived month to month and almost one in five - equivalent to 3.8 million people – said they have $0 in savings. Finder's personal finance expert Sarah Megginson said mounting cost of living pressures over the past few years had crippled many families' budgets. 'The nation's savings crisis has hit a breaking point, and it's pushing millions to the edge of financial ruin,' Ms Megginson said. 'For many households, even an unexpected minor expense like a cracked windscreen or an emergency trip to the dentist, it would be enough to cause serious financial stress.' While millions have no savings, there is wide disparity between the haves and have-nots in Australia. Finder's research showed the average Australian holds more than $43,000 in the bank, putting them in a safe financial position if an unexpected expense arrives. Australians with low savings, however, are at higher risk of becoming overwhelmed with crippling debt due to a lack of a financial buffer, Ms Megginson said. 'While tools like credit cards, personal loans, and buy-now-pay-later services can be helpful, using them for everyday expenses can quickly lead to a spiralling financial situation,' she said. Finder's shock revelation comes after the comparison site found many households were desperate for their tax refund. Almost one in four respondents to another Finder survey said a tax refund was very important to their financial health while 41 per cent said the cash was somewhat important. About 47 per cent of taxpayers expect a tax refund after July 1 and the average taxpayer anticipates a $1519 refund. This will deliver a total of $15.3 billion back into the pockets of everyday shoppers across the nation. Finder's head of consumer research Graham Cooke said the cash injection will be critical for Australians with little savings. 'Many households living month-to-month will be particularly keen to access these funds,' Mr Cooke said. 'For those struggling with the rising cost of living, a cash boost will offer some necessary financial reprieve.'
News.com.au
4 days ago
- Business
- News.com.au
How much average first-home buyer has in deposit and where they got the money
Scraping together a deposit has emerged as the biggest challenge for first-home buyers and more than half are not conquering that hurdle without parental help or working a second job. Alarming polling of first-home buyers across the country showed 52 per cent either received money from their parents, lived with them or got them to go guarantor on their loans. This cohort of buyers also included those who received an inheritance. Another 17 per cent of first-home buyers, or about one in six, said they put together a large enough deposit after working a second job. These figures dwarfed the numbers of first-home buyers who were getting into the market after meticulously saving or giving up on certain luxuries. Only 3 per cent of first-home buyer respondents to the nationally representative survey said they cut their gym membership to save money and 5 per cent stopped buying takeaway coffees. Nine per cent said they cut down on their online shopping habits. Sarah Megginson, personal finance expert at Finder, saving for a home deposit has become a marathon, not a sprint. 'Building a deposit is the largest hurdle for any Australian looking to get into the property market and it's only getting harder,' she said. 'Many buyers feel like they are forced to delay big life milestones like starting a family or moving out of home. 'Many need financial help from family, or they're giving up altogether on the idea of owning a home because it just seems so far out of reach.' Finder's First Home Buyer Report 2025 revealed the average first-home buyer deposit was at a record $135,589. This was more than a full year of the average person's wages and a 13 per cent on average deposit figures reported three years ago. It took the average first-time buyer almost five and a half years to put together that amount of cash, Finder revealed. About 11 per cent of first-home buyers took more than 10 years to get a deposit. These deposits were rarely the traditional 20 per cent, despite the lengthy time it took the buyers to pull them together, Ms Megginson said. 'The fear of missing out has driven many first home buyers to put down the smallest possible deposit of 5 per cent, and while it's great those opportunities exist, it can put a lot of pressure on the household budget when the mortgage is so high,' she said. Loans with deposits under 20 per cent usually carry higher interest rates and lenders often charge an extra fee called Lender's Mortgage Insurance (LMI) to cover the added risk. LMI alone adds an estimated $30,000 to the cost of the average house, although there are some government schemes open only to first home buyers, where they can get this cost waived. Close to 90 per cent of buyers polled by Finder said they believed it had become harder to save for a deposit in the last three years. And many regretted the end result 'Prices have been moving so fast and there's so much emotion involved when you're buying a home, which can lead you to make a rushed decision. So it's not surprising that almost half (45 per cent) of first home buyers who purchased a home in the past year, say they regret their decision.' The two most common regrets were paying too much for the home (26 per cent) and not saving a large enough deposit (11 per cent).
Sydney Morning Herald
11-06-2025
- Business
- Sydney Morning Herald
Brace yourself: Energy, internet and insurance price rises are coming
In this world, nothing is certain except death and taxes – and price rises. Australians have been warned to brace for heftier household bills due to begin next month – or, in some instances, have already begun. Although inflation has been steadily slowing since its peak in December 2022, pushed up by COVID-induced global supply chain knots and Russia's war on Ukraine, consumers will have to fork out more for essential expenses such as electricity, phone and internet bills, with energy and telco giants signalling price rises to begin on July 1. 'The financial year definitely aligns with significant price changes, but for different reasons,' said Finder personal finance spokesperson Sarah Megginson. 'For many businesses, the end of the financial year is a time to finalise their budgets, review their operational costs from the previous year, and forecast for the next 12 months. If their costs have increased, there's a good chance they're going to pass those increased costs on to customers.' Loading But retail industry consultant Trent Rigby said price rises were becoming less tied to these points of the year. 'I think previously, with customers, it was ingrained in their minds that it was a new year, or a new financial year, so it was probably easier to get that price rise through,' said Rigby. 'One thing we've noticed working with retailers is there's no methodology behind it. We're just seeing price rises throughout the year.'
The Age
11-06-2025
- Business
- The Age
Brace yourself: Energy, internet and insurance price rises are coming
In this world, nothing is certain except death and taxes – and price rises. Australians have been warned to brace for heftier household bills due to begin next month – or, in some instances, have already begun. Although inflation has been steadily slowing since its peak in December 2022, pushed up by COVID-induced global supply chain knots and Russia's war on Ukraine, consumers will have to fork out more for essential expenses such as electricity, phone and internet bills, with energy and telco giants signalling price rises to begin on July 1. 'The financial year definitely aligns with significant price changes, but for different reasons,' said Finder personal finance spokesperson Sarah Megginson. 'For many businesses, the end of the financial year is a time to finalise their budgets, review their operational costs from the previous year, and forecast for the next 12 months. If their costs have increased, there's a good chance they're going to pass those increased costs on to customers.' Loading But retail industry consultant Trent Rigby said price rises were becoming less tied to these points of the year. 'I think previously, with customers, it was ingrained in their minds that it was a new year, or a new financial year, so it was probably easier to get that price rise through,' said Rigby. 'One thing we've noticed working with retailers is there's no methodology behind it. We're just seeing price rises throughout the year.'
