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Financial turmoil abroad is encouraging 60 per cent of Australians to create a bigger savings buffer for “unforeseen circumstances”, new research has revealed.
According to the 2011 Saving & Spending Insights Survey commissioned by Mortgage Choice, first home owners are feeling the pressure most keenly, with 66 per cent of respondents indicating they are saving more thanks to uncertainty in the financial markets.
Overall, 83 per cent of the 1,009 mortgage holders surveyed over late August and early September said they had saved money in the past year, with the top reasons being for a holiday (53 per cent), to repay their mortgage quicker (45 per cent) and for unexpected changes to their finances (37 per cent).
One quarter managed to put aside more than 20 per cent of their after tax income.
Mortgage Choice spokesperson Kristy Sheppard said it is uplifting to see that despite facing a hefty interest rate increase last November, rising living costs and a flood levy, the vast majority of Australians with a mortgage managed to save money over the past 12 months in addition to meeting their repayments.
“Recent turbulence in financial markets is clearly influencing borrower attitudes to saving, but although they recognise the need to save for a rainy day, letting their hair down with some time away from work is even more important,” she said.