iscover
Staff Reporter
Almost half of all Australian households will be paying off their mortgage in retirement.
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According to new research by RaboDirect, 49 per cent of surveyed respondents said they would be older than 60 before they finish paying their mortgage.
The survey by RaboDirect, a subsidiary company of Rabobank Australia, questioned people about their attitudes and behaviour towards debt and savings.
The results found that a significant portion of Australians have a low level understanding of many financial services and products.
About half the survey thought transaction and savings accounts were the same thing.
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