Australia a nation of savers, but some don’t have any savings at all
Australians are saving an average of $743 a month, but millions of us don’t have any savings at all, according to a recent survey.
The Finder survey found three in five Australians have good savings habits.
Almost half of Australians say they have good savings habits, though they occasionally splurge on a big purchase.
Another 13 per cent say they are always savers.
A third of Australians say they are mostly spenders rather than savers, while 10 per cent don’t save anything.
The survey found that 2.4 million Australians don’t have any savings to fall back on.
“Having savings to dip into during an emergency or even to help cover basic living costs can take so much stress out of your life,” Finder’s Sarah Megginson said.
“It may not seem like a lot of fun to take a deep dive into your budget and financial habits, but it can give you peace of mind when you take stock of the situation and look for opportunities to save.”
Last week the NAB Consumer Sentiment Survey revealed people were anticipating further pressure on their wallet as the year draws to a close.
Aussies are expected to spend $59 extra a week on groceries, $35 a week more on fuel, and $76 more a week on gas, electricity, and water bills.
Given these changing budget expectations, almost one in two Australians said they were being mindful or careful with their money and altering their behaviour.
Of the 2050 people surveyed, 61 per cent said they had switched to cheaper brands or shopped around for cheaper products.
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For those without savings, the cost of living crisis hits harder, Megginson said.
Men save $749 on average a month, while women save $658.
The survey was conducted with 1057 respondents last month.
