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Aussies increase saving habits
Australians are saving 36 per cent more in 2019 than in 2014 and are switching from credit cards to debit cards, according to new research.
Aussies increase saving habits
Australians are saving 36 per cent more in 2019 than in 2014 and are switching from credit cards to debit cards, according to new research.
Research conducted by ANZ and Roy Morgan has shown Aussies are bucking tough economic conditions including low wage growth and increasing savings rate.
Between December 2014 and June 2019, the ANZ Roy Morgan Financial Wellbeing Indicator rose from 57.4 to 59.7 (out of 100), with the 2.3 point improvement largely driven by more active saving and less borrowing for everyday expenses.
The report is based on data of over 75,000 Australians conducted over a period of five years and assesses the financial behaviours as well as psychological, social and economic factors that contribute to financial wellbeing.
The study found that active savings levels are at their highest point since the study began in 2014.
According to the report, Australians are saving 36 per cent more now than they were five years ago, with median savings for Australian households having increased from $4,110 in 2014 to $5,580 in 2019, and the mean savings figures increasing from $29,430 in 2014 to $42,208 in 2019.
Further, the number of Australians relying on credit cards has reduced, as has the average unpaid credit card balance brought forward from month to month (from $1,402 in 2014 to $1,239 in June 2019).
Commenting on the report findings, Alexis George, ANZ deputy CEO, said: “We are encouraged to see Australians are generally meeting more of their daily financial commitments and are more financially resilient than they were five years ago.”
“We want to help Australians to continue to improve their financial wellbeing, and we believe the indicator will provide the data and insights needed to ensure we’re helping our customers to adopt the habits and behaviours that will make the biggest difference.”
nestegg has previously reported on how an increase in saving rate is hurting the Australian economy.
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