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27/03/2020:
Heritage Bank will cut interest rates in a move designed to help those hit hard by the COVID-19 downturn. Read more
Savings behaviour in Australia
Find out how you compare when it comes to saving money in Australia.
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.
Popular savings goals include travelling, having enough money saved for unexpected costs, buying a house, and to offset their mortgage or other loans.
Interestingly, age has an effect on savings goals. Research highlights, broken into age groups, include:
- 18-24 years are most likely to be saving for a car and education costs out of any other age group
- 25-34 years are most likely saving for a house deposit
- 35-44 years are most likely to be saving for travel and holidays
- 45+ are less likely to have a savings goal in place than any other group.
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:
- general household expenses
- unexpected expenses
- travel and holidays
- car
- clothing.
Younger savers are more likely to switch their savings account based on savings tools. Older savers are more likely to switch based on rate.
If you'd like help to save more money take a look at our Saving and Budgeting Hub.
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Australian savings behaviour
Find out how you compare when it comes to saving money in Australia.
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