Fri, 30th May 2025

In this Daily Financial Services News Wrap, we discuss a new ruling that requires Eric Insurance to refund a premium for a GAP policy wrongfully sold in 2012, spotlighting the necessity for transparent sales practices. We also highlight a Colonial First State survey revealing increasing financial stress among Australians due to rising living costs. We explore the challenges facing Gen Z and Millennials, who anticipate working into their 70s, emphasizing the pressing need to combat ageist attitudes. Lastly, we reveal that, as per Ubank's research, servicing a mortgage can be more affordable than rent, prompting a trend known as "rentvesting," particularly compelling for first-time buyers in light of potential interest rate cuts.