Aussies prefer the holiday road
Australians are now saving more for their holidays than their retirement, a new study reveals.
The national survey also backs up the stereotype that Sydneysiders are obsessed with real estate, with residents more likely to put their savings into bricks and mortar while Melburnians favour shares or managed funds. One in three Australians prefer investment in real estate over other forms of saving.
The proportion of households saving to take a holiday or travel was 31 per cent, placing it as the number one priority ahead of a retirement nest egg at 29 per cent and saving for a home at 23 per cent.
The Melbourne University survey of 1,200 households in all states and the ACT found saving patterns in the February quarter showed respondents believed the outlook for the economy was positive.
"It would seem that householders at present are less worried about saving for a rainy day and this signifies a growing confidence in a strong and healthy economy," said Dr Rebecca Valenzuela of the University's Melbourne Institute of Applied Economics and Social Research.
The number of Australian households spending more than they earned dropped to a five year low in the quarter, pointing to an improved financial position for a greater number of households.
The survey also found that almost three quarters of people aged 50 and over reported having no debt, along with 72 per cent of people earning less than $20,00 a year.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
