60% of Aussies consider themselves ‘savers’

finance/savings/spending/

4 January 2021
| By Jassmyn |
image
image
expand image

Almost two-thirds of Australians consider themselves to be ‘savers’ while 39% are ‘spenders’ and the key driver behind spending habits is an individual’s ‘money mindset’, according to Finder.

Finder said its survey of over 1,000 Australians found of those who saved money, 44% were frugal but splurged from time to time, while 17% were ‘steadfast savers’ who liked to be prepared.

Around 30% of spenders saved a little and 9% said they did not save anything.

Finder’s personal finance specialist, Taylor Blackburn, said underlying beliefs about money influenced people’s purchasing decisions, and long-term financial positions.

“Some savers may be afraid to spend money if they’ve been in a vulnerable position in the past, while others may have a financial goal they’re working towards,” Blackburn said.

“There’s nothing wrong with splurging occasionally, but spenders can self-sabotage if they’re prone to impulse buying and too much retail therapy.

“Becoming aware of your money mindset is an important first step towards taking control of your finances.”

The survey also found that 69% of baby boomers were savers, compared to 51% of millennials. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND