Save
Sacrificing spending now in vogue
Financially savvy is now cool, with recession fears, low interest rates and home ownership aspirations meaning young Australians are more savings-focused than ever before.
Sacrificing spending now in vogue
Financially savvy is now cool, with recession fears, low interest rates and home ownership aspirations meaning young Australians are more savings-focused than ever before.
According to research from UBank, 75 per cent of young Australians are branding themselves as savings-focused, and at the same time, only one in three (or 33 per cent) is losing sleep over money, down by over 20 per cent from last year.
Commenting on the findings, UBank CEO Lee Hatton stated: “Millennials get a bad rap when it comes to their finances, but these results show something that we’ve known for a long time – that this age group certainly has big goals in their sights and they’re willing to make tough choices to get ahead.”
What are Aussies sacrificing?
Brunches, ride-sharing apps, streaming and subscription services are all apparently being scrapped as Australians look to get ahead on their saving goals.
The most common sacrifice is dining out, with 61 per cent of respondents swapping nights out for nights in. The research revealed younger Aussies are going dining out less than older Australians, with more than three in four (76 per cent) survey respondents acknowledging they avoid eating out.
The morning coffee has also been cut for 41 per cent of young Australians, along with subscriptions like gym membership and services.
Even more telling is the fact that 35 per cent are cutting back on private health insurance, and 29 per cent are cutting back on home content or car insurance.
Those aged 25–34 are even more likely to skip insurance to get ahead: 44 per cent admit to having dropped health insurance or other types of insurance.
Are Australians saving more?
Despite the research showing that Australians feel they are more financially literate, the Australian household saving rates have dropped from 3 per cent to 2.70 per cent in the second quarter of 2019.
For one-third of Aussies, the way they spend money makes them feel like they haven’t saved enough for their age, with this number spiking to 46 per cent for millennial respondents.
Many Australians aren’t confident about their ability to save for big-ticket items, either. One-quarter say their spending makes them feel like they won’t be able to afford a home; nearly half of those aged 18–24 say they feel this way.
A whopping 77 per cent of Australians also say that dipping into their savings causes them anxiety, with UBank using this finding to underscore the importance of preventative budgeting and saving.
About the author
About the author
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
How the post-lockdown period will influence property, what the soaring NFT market means, and defining financial wellness
Listen now
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
