We need a hero: Finder’s Super Saver campaign to help Aussies minimise money worries
Nearly 4 million Australians have no savings to fall back on, according to research by Finder.
This October, Finder has launched its Super Saver campaign, a month-long competition that aims to help Australians develop better savings habits to deal with the cost of living crisis.
Finder's Consumer Sentiment Tracker revealed that 1 in 5 Australians (19%) – equivalent to 3.8 million people – have absolutely no savings in case of emergency.
Nearly a third (31%) are saving less than $50 on a monthly basis.
The 4-week campaign will see Finder app users 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.
From saving on your essentials to reducing your bills, the online event seeks to break down barriers to saving by lifting the veil on secrets used by Finder experts and everyday Aussies.
Super Savers month started on Tuesday 4 October and will run until 5pm AEDT on Sunday 30 October, and is intended to improve access to information on how to save money – knowledge not everyone is taught.
Amy Bradney-George, credit card expert at Finder, said Super Savers month gives Aussies extra incentive to scrutinise their spending.
"Saving money is something many people put off, especially when other expenses come up – but choosing to save regularly can make a difference over time, even if it's just a little bit of each pay.
"Savings give households a much-needed emergency buffer to fall back on with less reliance on debt to manage unexpected bills or make those who are already comfortable even better off."
Bradney-George said it's never too late to start learning new money habits.
"Most people know that saving money is important, but with the cost of living hitting hard, not everyone has an easy time doing it.
"With three quarters of Australians stressed about their current financial situation, it's never been more important to prioritise saving money so that you know you have a buffer."
Bradney-George said savers are starting to receive higher levels of interest that serves as a further incentive to put income away.
"Lenders are starting to pass on significant increases following the RBA's rate rises this year with savings rates climbing as high as 4%.
"Saving even the smallest portion of your income each month will add up and start to relieve financial stress," Bradney-George said.
| How much do you have in cash savings? | |
|---|---|
| $0 - $1 | 19% |
| $2 - $5,000 | 41% |
| $5,001 - $10,000 | 8% |
| $10,001 - $20,000 | 8% |
| $20,001 - $30,000 | 4% |
| $30,001 - $40,000 | 2% |
| $40,001 - $50,000 | 4% |
| $50,001 - $75,000 | 3% |
| $75,001 - $100,000 | 4% |
| $100,001 + | 8% |
| Source: Finder Consumer Sentiment Tracker of 3,112 Australians, July 2022 – September 2022 |