Property investment among top money mistakes

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Losing money on property investment is the second biggest money mistake Australians make, according to new research.

A finder.com.au survey has revealed that property investment losses affect approximately 1.27 million Aussies, costing them an average of $106,104 per person. The estimated national loss from property investment is $135 billion.

Divorce or separation was cited as Australians’ biggest money mistake, affecting 1.4 million of the population and costing an average of $144,774 per person. The estimated national cost is $196 billion.

Gambling, having children and letting a partner control the finances made up the top five money mistakes.

Overall, 47 per cent of Australians admitted to making a costly money mistake, with a total national loss of $753 billion.

Bessie Hassan, consumer advocate at finder.com.au, said the statistics are “worrying”.

“Most of these mistakes are irreversible and those responsible are left with tens if not hundreds of thousands of dollars to mop up,” she said.

[Related: Aussies avoiding money talk]

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