australians saving intentions and behaviours: december 2015.

Transcription

1 australians saving intentions and behaviours: december. This Report provides insights into Australians savings goals, habits and attitudes based on a survey of 1,00 Australian households and 2,000 Australian credit card holders. changes to savings goals. Which one of the following financial goals are you/ your family currently actively working towards? savings and investments Saving for a holiday, car or other expense other than a home 2 Building up 'rainy day' savings 2 2 Saving enough to buy a property to live in Buying an investment property 8 Investing or trading in shares, bonds, commodities etc. Investing in your own business debt a mortgage 2 0 fast as you can 2 2 Getting debts under control and manageable 1 Consolidating multiple debts into one retirement Building wealth for retirement 1 Dec Dec 1

2 how we re saving. Which one of the following describes how you use your bank account to save? December I transfer money to a savings account when I have spare funds 8 I put all of my money into a savings account and then transfer it to a everyday account when I need to 1 I have direct debits set up to automatically send money to a savings account I just accumulate funds in an everyday account 18 1 I keep savings in accounts I can t withdraw from (e.g. term deposits) I add funds to a home I don t use any bank account to save (Gen Y) - (Gen X) 0- (Baby Boomers) + (Builders) I transfer money to a savings account when I have spare funds I put my money into a savings account and I transfer it to a everyday account when I need to I have direct debits set up to automatically send money to a savings account 21 I just accumulate funds in an everyday account 1 I keep savings in accounts I can't withdraw from (e.g. term deposits) I add funds to a home loan offset account 1 I don't use any bank accounts to save 2 Dec Dec 1

3 factors affecting effective saving. In the past six months how often has your household December Paid the bills on time Comparison shopped when purchasing a product or service Stayed within its budget or spending allowance balances in full each month Set a weekly or monthly budget Kept a written or electronic record of monthly expenses Maxed out the limit on one or more credit cards (Gen Y) - (Gen X) 0- (Baby Boomers) + (Builders) Paid the bills on time Comparison shopped when purchasing a product or service Stayed within its budget or spending allowance Paid off credit card balances in full each month 8 Set a weekly or monthly budget 1 Kept a written or electronic record of monthly expenses Maxed out the limit on one or more credit cards 1 8 Dec Dec 1

4 pay now or pay later. How do you typically buy spur of the moment, big-ticket items? December. Existing savings or transaction account to pay for the item 2 Credit card and paid off the purchase within the interest free period Credit card to pay the purchase off with interest at a future point 8 Don't know/ not applicable (Gen Y) - (Gen X) 0- (Baby Boomers) + (Builders) Existing savings or transaction account to pay for the item Credit card and paid off the purchase within the interest free period 2 Credit card to pay the purchase off with interest at a future point Don't know/ not applicable Dec Dec 1

5 money management over christmas. Have you made a conscious effort to save money prior to Xmas in order to pay for your Christmas-related spending? December Yes, to an extent No Yes, definitely 21 0 Do you expect to spend more on your credit card leading up to Christmas than you will be able to afford to repay in January? No Yes I m not sure 2 about this report. ME commissioned DBM Consultants and RFi to conduct this research. This report is based on research that includes an online survey of approximately 1,00 Australians aged 18 years and older who do not work in the market research or public relations industries and over 2,000 credit card holders. contact Matthew Read Head of PR E matthew.read@mebank.com.au mebank.com.au