More households saving and borrowing

A survey by the Melbourne Institute, the Household Saving and Investment Report found that only half of Australian households saved any money. In the year to June 2005, 51 per cent of Australian households said they were able to save part of their income, compared with only about 47 per cent a year earlier. The proportion who said they were savers a year ago was 56 per cent. In this survey, 19 per cent of people said they would spend their savings on property, down from about 25 per cent a year ago. Credit cards are now the most common form of debt, used by 35 per cent of households, outstripping even mortgages, held by 33 per cent of households.