Australians spend savings amid cost of living crisis

Australians are saving cash for a rainy day as the cost of living continues to rise.

Research by consumer tracker Finder has revealed that those who can afford to put money in the bank are doing so at a higher rate than before.

The average adult has $39,439 set aside, or enough to live on for 19 weeks if you lose your job today.

That figure is 75 percent higher than six months ago.

Finder money expert Sarah Megginson said Australians are doing what they can do if the storm hits.

“Australians are dramatically increasing the amount of cash they have stashed away to offset the spiraling cost of living,” she says.

“Consumers are concerned that high levels of inflation and rising interest rates are leaving them vulnerable and, where possible, are stocking up on cash to weather the storm.”

Research shows that men, on average, have much larger reserves than women: $52,786 compared to $26,132.

But that doesn’t mean Australians in general are prosperous financially.

Finder research from June found that nearly one in five (19 percent) of respondents said they had had a transaction declined at the counter in the past three months.

Eleven percent have had to abandon a purchase after falling short at the checkout and 8 percent have had to return some items to the shelf in order to pay for their store.

Some 37 percent rank groceries among their three most stressful expenses.

It comes as drivers are warned to brace for rising gasoline prices as the government prepares to roll back a fuel excise tax cut at the end of September.

Earlier this week, Prime Minister Anthony Albanese said the tax cut, which cuts the cost of gasoline by 22 cents a litre, was too expensive to extend beyond next month.

Be the first to comment

Leave a Reply

Your email address will not be published.