Half don’t know their savings account balance

Nearly half of us can’t actually state how much money is sitting in our savings account.

Research conducted by St. George Bank found three quarters of Australians (75%) check their bank account balance between one and five times a week to make sure they’re spending within their means.

Yet, despite respondents’ intention to prove themselves as savvy spenders, the report revealed almost half (46%) are unable to specifically state how much money is in their savings account at any given time, with 18-25 year olds the worst offenders (84%).

When asked ‘how much money do you need in your savings account to feel secure’ the most common response (30%) was between $500 and $2,500.

Source: Broker News

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