Six in 10 Australians say mood impacts savings

MyState-Bank/Melos-Sulicich/

29 July 2019
| By Chris Dastoor |
image
image image
expand image

Research from MyState Bank has shown that Australia is a nation of emotional spenders, with 62 per cent saying a negative emotional state can impact their ability to save.

Social media influencers, peer pressure, and by now/pay later services also dictate Australians’ spending habits.

Buy now/pay later services topped the list, with two thirds admitting those products had a negative influence on the ability to resist impulse purchases.

Gen X thought the ability to save was impacted by buy now/pay later with 20 per cent claiming so, while Gen Z followed closely with 19 per cent.

A third of Australians said they save less than two years ago or have never managed to save any money, while 27 per cent don’t have a budget in place to track expenses, and one in 10 struggled to reach the end of the month financially.

Melos Sulicich, MyState Bank managing director and chief executive officer (CEO), said having uncovered these negative influences, they were in a better position to put out education campaigns.

“In our experience, our customers want to save, and we want to help them, by giving them the information and tools to avoid the emotional decisions that they may regret longer term,” Sulicich said.

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?...

5 months ago

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

5 months 1 week ago

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

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5