According to the RaboDirect annual Savings and Debt Barometer, Gen Y are best generation of savers, with 29 per cent saving a regular amount each month compared with 19 per cent of baby boomers. Gen Y, who usually get a bad rap for credit card debt and irresponsible spending are proving the older generations wrong with their disciplined savings habits.
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The fact that Australians are more likely to meet their expenses without having to dip into their savings may come as a surprise against a background of ongoing high unemployment, but that's the latest from an RFi survey conducted in July 2013.
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Australian Super market giant Coles is allegedly in the process of seeking a formal banking licence from the Australian Prudential Regulation Authority (APRA) that would allow it to launch a savings account under it's own name rather than in partnership with a bank.
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Despite being good at topping up their savings accounts, a new survey by REST Industry Super has found that nearly two thirds of Gen Y have sleepless nights worrying over their finances.
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A Queensland pensioner has emerged from heart surgery to find his savings account funds had been handed over to the Australian Securities and Investment Commission (ASIC), reports the News Limited Network.
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Australians who 'set and forget' their savings could be missing a combined total of $4 billion a year in their savings accounts.
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Australians have tripled their savings account balances in the last three years but consumer financial stress is still very high, according to the findings in the Dun & Bradstreet Consumer Financial stress index
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Australia's new frugal trend is starting to pay off on household savings accounts, with the median savings account balance tripling from $5,155 in 2011 up to $15,427, according to the results of the quarterly ING DIRECT Financial Wellbeing Index.
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Most Aussies are unhappy with their electricity bill, yet they are unaware how easy it is to change providers and possibly save hundreds of dollars to add to their savings.
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