'Money tree' experiment highlights Aussie attitudes

AUSTRALIANS are lazy when it comes to the way they treat their savings, research shows.

Some people are simply too busy to notice easy money opportunities / Supplied

AUSTRALIANS will go to almost any lengths to get their hands on cold hard cash but are bone lazy when it comes to the way they treat their savings, research shows.

Australians are missing out on $4.7 billion in lost interest each year, according to a survey by online bank RaboDirect.

To gain insight into peoples' attitudes to cash verses savings, RaboDirect conducted an experiment, filming a "money tree" decorated with $5 notes in a  busy Sydney precinct.

Hundreds of people walked past the money tree and after a slow start where bystanders ignored the cash or simply took pictures of it, the tree was stripped bare in less than three hours.

Passers-by worked together and employed various means to maximise their financial gains.

So, what happened? Watch the "money tree" video.

Psychologist Rob Hall said people miss out on financial opportunities because they worry about making a decision to act.

“Many of us will walk through life waiting for the next money tree or Lotto win, instead of earning our share of the interest available to us,” he said.

An overview of  the responses:

Lost Opportunity
In the early stages, almost 100 people passed the tree without noticing that anything was different. Even when a group of joggers noticed, they were too busy to stop. The first groups who eventually stopped to interact couldn’t believe it. They inspected the notes and took pictures, but left empty handed.

Follow the Crowd
Only once one brave participant started taking the money, did momentum gather.

Frugality
Some took just one or two notes, satisfied by their modest and unexpected gains.

Opportunist
Consumed by the fantasy, a group of braver participants made the most of the opportunity by filling their pockets.

Employing tools and working together
When the low hanging $5 notes were depleted, participants employed tools such as swinging coats and umbrellas, to help them reach higher branches. Teamwork also came into play as spectators formed human pyramids to reach the notes seemingly out of reach.

Altruism
Perhaps the most comforting observation from the participants was that of altruism. Taller participants shared their earnings with shorter spectators, while one gentleman on identifying the undercover observation team, requested his money be donated to charity.