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A new survey commissioned by Savvy into the savings and investment habits of Australians shows that saving rates among significant portions of the population are low, with 19 per cent reporting that they did not save any money regularly.
Twenty four per cent of respondents said they saved at least $250 per month, with 15 per cent saying they save between $251 and $500.
More than 32 per cent responded that they were saving over $750 a month, however.
The top three places where Australians place their savings are savings accounts (78 per cent), superannuation (24 per cent) and shares (19 per cent).
When given an opportunity to identify all preferred saving and investment vehicles, the vast majority of respondents, some 782 of a total 1002, use a savings account.
This figure was slightly higher for females (80 per cent) than males (76 per cent).
The division between sexes was more pronounced when it came to stocks and shares, which were chosen by 23 per cent of males, compared with only 14 per cent of females.
Similarly, more men than women were contributing to their superannuation, 26 vs 21 per cent respectively.
When it comes to returns on savings and investments, compared to rising prices, 43 per cent of Australians are “not confident” that their investment returns will continue to outpace inflation in the near future.
While 37 per cent of total respondents expressed a “neutral” sentiment, 22 per cent of the 1002 total respondents were “unconfident”, while a further 21 per cent were less optimistic again, answering “not confident at all”.
Female survey participants were the least confident, with 25 per cent choosing “not confident at all”, compared to 18 per cent of their male counterparts.
Savvy’s resident money expert Bill Tsouvalas said that even in times of rising cost of living, paying yourself first and putting money aside is as important as ever,
“Though everything seems to be getting more expensive, now isn’t the time to stop putting money away for the future.
“When inflation is high, you should be looking for easy investment options that will protect your savings, like term deposits, savings accounts, shares and managed or indexed funds; all of which can provide a better return on investment and help you save for big ticket items, such as a house deposit.”
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