Aussies saving $463 per month

On average, Australians plan to boost their savings by $100 per month by this time next year according to a survey by St George Bank. Australians are currently saving an average of $463 per month which is up 10% on this time last year ($421 per month). Australians plan to further boost their rate of saving on average, by an additional 21% ($559 per month).

The poll of over 1,000 Australians reveals that 91% say it is important to save more now than before, 94% say it is important to pay off as much debt as possible and almost eight in ten (78%) claim this shift in thinking is permanent – saying they’ll continue to save or pay down debt once the GFC is over. Only 13% say they’ll return to their old habits once the economy recovers.

However, it seems men are paying less attention to their finances compared with women. Of those polled saying they are paying more attention to their personal finances now compared with one year ago, women (78%) are more likely to have an increased scrutiny on their finances than men (70%).

Source: St George Bank