New data shows that the Australian savings ratio has hit a 10 year low. Are you saving more this year or spending more?
Feel free to also post a comment on what the main factor is for this change of behavior.
Article: https://www.smh.com.au/business/the-economy/economy-surges-a…
no you are actually spend more by checking ozb.
Does having a mortgage count as saving?
If you're paying more back/offsetting I don't see why not.
No. The interest you are paying is dead money that you could otherwise be saving if you didn't have a mortgage. :)
I think there's a bit of a dichotomy.
The economy is slowing down so:
People who were hard pressed are now making less money meaning they can't save as much (fixed costs stay fixed, income decreases, savings go down).
People who had decent discretionary income are going to be more conservative and so their savings rates will increase (for the coming rainy day).
I am saving for good deals on OzBargain.
Saving has always not been a priority for Australians historically.
Thankfully I was brought up with the values of financial responsibility. As a contractor it is important to build a decent savings for when there isn't any work.
There are probably a few things acting in concert to create this scenario :
However, for full time working Australians, barring some extraordinary circumstance like poor health or disability, saving at least some money is possible, even for minimum wage earners. The minimum wage has grown much faster than CPI.
After years of saving hard to reach a goal I'm now spending more money and working less thanks to ozbargain and amex statement credit offers. Looks like the men who made us spend have succeeded.
Neither, I'm poor.
i find it hard to believe that australia is like the USA when it comes to having an emergency fund/piggy bank funds. we can't be that careless and stupid.
how do they even figure this out? i never did a survey and my bank details are private?
Saving. This is ozbargain isn't it?