Aussies struggle to save

WHILE official figures show Australians were saving more in recent years, data released on Monday revealed many Aussies were still struggling to save.

Figures from the ME Bank showed more than half of all Australians found they still had no cash left over after a typical month.

Some 53 % reported they had no savings left over at month's end, with 43% breaking even and 10% spending more than they earnt in a typical month.

The bank's household financial comfort index also found "cash savings" may be lower than official Australian Bureau of Statistics data showed, although the ABS and the banks index measured different indicators.

Based on a survey of 1500 Australians, the index revealed financial comfort was improving, but many still experienced financial difficulty.

Bank chief executive James McPhee said single parents were particularly vulnerable, with 43% indicating they could not maintain their lifestyle for a fortnight without their income.

SAVINGS:

  • 53% have no savings left at the end of the month
  • 43% break even10% spend more than they earn

SOURCE: ME Bank Household Financial Comfort Index, 2012.



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