Young Aussies are saving not splurging during COVID: RateCity

Young Aussies are saving not splurging during COVID: RateCity
Young Aussies are saving not splurging during COVID: RateCity

A survey from RateCity.com.au revealed that 42 per cent of Australians are more proactive about how they manage their money since COVID-19.

Young Australians felt especially money-conscious with 61 per cent of 18 to 34-year-olds saying they felt more proactive about managing their money following the pandemic.

The results support recent APRA and RBA findings that Australians are saving, not splurging during COVID-19.

APRA figures from earlier this year show Australians have an extra $64.41 billion more deposits in the bank compared to the start of COVID-19.

Many Australians have used their time in lockdown to clear credit card bills, refinance their home loans and build up a savings buffer, RateCity research director Sally Tindall said.

“For a lot of young Australians, their travel plans have gone up in smoke, their night life has been reigned in and, as a result, they’ve got spare cash to put towards their first car or home.”

RateCity’s tips to be more proactive include setting savings goals, checking rates and clearing high interest debts.

As reductions to JobSeeker and JobKeeper are set to squeeze millions of household budgets, people are advised to get their finances in order now.

“If that’s you, it’s worth talking to a financial counsellor to get your finances into the best shape possible as your income drops,” Tindall said. 

Tags: 
Savings Ratecity.com.au

Comments

Be the first one to comment on this article
What would you like to say about this project?