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We've teamed up with banking intelligence provider RFi Group to find out about savings behaviour in Australia. The research shows while around three in four Australians have a savings goal, a huge 70% don't have automatic savings set up to help them reach their goals.
Interestingly, age has an effect on savings goals. Research highlights, broken into age groups, include:
People whose saving goal is a financial commitment such as a mortgage or loan, or an investment, are more likely to leave their money in a savings account unless it is really needed. However, it has been uncovered that three in five Aussie savers dip into their savings to fund their lifestyle. The top five reasons for dipping into savings include:
Younger savers are more likely to switch their savings account based on savings tools. Older savers are more likely to switch based on rate.