Study Shows Increased Interest of Aussies to Build up Savings

With the world trying to steady itself after the recent financial hardship consumers in Australia are beginning to turn their attention to savings. Why has this happened, and how can it benefit our personal finance?

In the last couple of years whilst most of the world has been in some sort of economic struggle, people have battled to meet their basic living costs. The emphasis has clearly been on meeting outgoings vs concentrating on savings. It would appear now that the Aussie market is beginning to regain their focus on saving as much as possible.

After the recent financial turmoil felt worldwide it is understandable that people may decide to put as much money away in saving as possible, just in case there is another recession in years to come.

A recent survey conducted by Citi shows that around 65% of Aussies said they would prefer to put any extra money into savings, instead of investing it in shares and other financial assets.

Of all the countries that took part in the study only the Koreans had more of a desire to save at a whopping 77%. What did come out of the study was that Australians were 10% over the national average when it came to interest in savings. It shows that peoples focus within their personal finance is changing.

Savings Struggles

Personal finance issues have meant that although people have developed more of an interest in increasing their savings, they are finding it very hard to find the spare cash to save each month. If this is the case for you then the following tips may come in useful.

Arrange an automatic payment into a savings plan each month – By doing this the money will leave your account without you having to think about it. It will eliminate the chance of you forgetting to put the money away, and you will find that after a while you won’t even miss the money, and your savings will build faster than you expect.

Set yourself a goal – Work out a monthly savings figure you can afford and try to stick to it. Even reward yourself with the occasional treat for sticking to the plan. It is amazing what this step can do for your personal finance, and motivation.

Get a good rate of interest – Having a good rate of interest will help your savings increase faster and will drive you to keep saving as hard as possible.

Clear out your junk – One man’s rubbish is another mans gold, so why not clear out some old unwanted things you may have laying around your house and sell them online, or perhaps at a car boot sale. You could take the money you earn from the sales and put it into your savings account.

Remember from small seeds, giant trees can grow!

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