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Smart money tips for the silly season

ASIC is urging consumers to keep one eye on their wallet while they enjoy the festive season. ‘While this is traditionally a time for letting your hair down, it’s important not to let your financial know-how take a holiday, or you may be left feeling high and dry come January’, ASIC’s deputy executive director of consumer protection, Delia Rickard said. ASIC has issued some money tips to help consumers avoid a nasty financial hangover in the new year. Smart investing – watch out for holiday scams ‘Frauds and scams can be very common at this time of year. Some people have extra cash in hand as a result of Christmas bonuses or gifts and also have extra time over the holiday season to contemplate advertisements or offers they wouldn’t usually look twice at’, Ms Rickard said. ‘Deal only with licensed Australian Financial Services businesses when you are getting financial advice, or buying financial products, and be vigilant about any offers or opportunities that sound too good to be true – they are probably lies’, Ms Rickard said. ASIC’s consumer website, FIDO offers more information and advice on a range of financial topics including tips on budgeting, credit and avoiding scams or illegal schemes. Your Money, ASIC’s practical guide to making the most of your money, is also available on FIDO, or contact ASIC’s Infoline on 1300 300 630 to request a copy.

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