Aussies are stashing their cash

The first national study by Westpac into the social effects of the global financial crisis shows more than 32% of Australians are cocooning in the suburbs and even cancelling their Christmas travel, with over 80% cautiously stashing their cash in a major shift away from a decade of stress and excess.

Westpac spokesperson Jason Yetton, General Manager – Westpac Retail Banking, said the research reflects a cultural change in attitudes after a tough 12 months. “We’ve had the sea change and the tree change and now we see a trend towards people getting back to basics in the suburbs, and making it a lot more about them and their needs,” he said. 52% are spending what money they do have supporting their local businesses, with 26% opting to eat at neighbourhood restaurants and drinking at the corner pub.

A further 15% of people are looking to find a job closer to home. Australians attribute the shift to “think local, act local” to losing out in super and property values in the last twelve months. 40% of those who had received bad advice from rogue advisors blamed them for the downturn in their personal finances.

Source: Westpac