Cash is king: 12 million Australians are fattening up their bank accounts
Australia is a nation of super savers, according to new research by Finder.
A nationally representative survey of 1,057 respondents revealed 3 in 5 Australians (60%) – equivalent to 12 million people – have good savings habits.
This includes almost 1 in 2 (47%) who classify themselves as mostly a saver but splurge from time to time, and 13% who admit they are definitely a saver as you can never be too prepared.
Nearly a third (31%) say they are mostly a spender but try to save a little.
A worrying 10% admit they can make more money tomorrow and therefore are definitely a spender.
Sarah Megginson, money expert at Finder, said the ability and willingness to save money is critical for short-term and long-term financial health.
"The majority of Australians are self-confessed savers, helping them weather emergencies and fast-track future money goals.
"Whether it's to buffer themselves from the current cost-of-living crisis or to create long-term wealth, building a healthy savings account balance is the key to being financially resilient."
Australians save $743 on average per month – totalling more than $8 billion per month nationwide.
A concerning 2.4 million Aussies don't have any savings to fall back on in an emergency.
This October, Finder has launched its Super Saver campaign, a competition which aims to help Australians get into better savings habits to deal with the cost-of-living crisis.
With just 2 weeks left to go, Finder app users are encouraged to share their tips and tricks for a chance to win up to $5,000 worth of prizes and be crowned Finder's ultimate Super Saver.
Megginson urged spenders to bite the bullet and look at their finances so they can get into a regular savings habit.
"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.
"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.
"Without savings, households could also be forced to fund unexpected expenses with credit, risking negative impacts on their credit score.
"The cost of living crisis hits harder for those without emergency savings," Megginson said.
Men save $749 on average a month, while women save $658 – 12% less.
| Are you a spender or a saver? | |
|---|---|
| Mostly a saver, but splurge from time to time | 47% |
| Mostly a spender, but save a little | 31% |
| Definitely a saver, you can never be too prepared | 13% |
| Definitely a spender, I'll make more tomorrow | 10% |
| Source: Finder survey of 1,057 respondents, September 2022 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 30,000 respondents.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.
Saving account rates are going up significantly. Here are some of the best savings accounts for October 2022.