Around a quarter of Australians see an opportunity to invest in property this year to safeguard their financial future, according to a study commissioned by ING.
The study found that almost half of Australians continue to see property as the strongest investment option amid the COVID-19 pandemic, with 26% believing now is the best time to break into the market.
Millennials are the most positive about buying an investment property, with low interest rates and prospect of lower house prices as key motivators.
Julie-Anne Bosich, head of home loans at ING, said the study suggests that COVID-19 outbreak has resulted in many Australians cautiously thinking about how they can invest to take greater control of their financial future.
"While, understandably, not everyone is in a position to use their finances to invest, our research has found that for those who are, the preferred investment choice is property, especially in the current climate where interest rates are at a record low," she said.
The study also uncovered some of the attitudes of Australians when it comes to finances. One in four said they plan to better manage their money by sticking to a budget, with more than half saying they are positive about achieving their short-term savings.
The study also found that Australians feel more empowered about their finances, with more than a quarter saying they feel more confident about their financial knowledge now than they did pre-pandemic.
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