Central Queenslanders are the worst money savers in QLD

IT IS more about spending than saving in central Queensland.

Suncorp Bank Australians' Saving Habits Report has found locals aged 18-64 are less likely to save their personal income than other Australians are.

But residents are more likely to be saving for their children's education.

 

While Australians on average save about $427 of their personal income monthly, central Queenslanders are more likely to be saving $266 - the lowest figure state-wide.

Capital city dwellers save 50% more than those living in the regions.

RELATED:

>> WHAT YOU SAID: Why we're the biggest spenders in the state

Coupled with a higher average income, this translates to $478 monthly going into savings compared with $325 for those outside capitals.

Surprisingly Generation Y, commonly perceived as the self-entitled generation, are surpassing Generation X and overtaking the Baby Boomers to become Australia's best savers.

On average 25-34 year olds are saving $533 monthly, more than $100 above the national average.

The report pointed out this was the point in life when financial commitments were lowest and one in four people aged 20-34 were still living at home.

What do you spend most of your money on?

This poll ended on 28 July 2015.

Current Results

Food

46%

Going out to pubs and clubs

6%

Rent and bills

40%

On clothes and other material purchases

6%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Suncorp found Gen Y is heavily focused on saving for a holiday and other social experiences, rather than the traditional Australian dream of owning a home.

Across all age groups, men save significantly more.

Coupled with a higher income, the average man saves $507 a month compared to $346 for women.

Men are more likely to be saving for an investment property while women are more likely to be saving for holidays and travel, homewares and house renovations.

The report is part of Suncorp Bank's Cost of Living research series, designed to reveal Australian's financial behaviours and promote financial responsibility.

For practical tips on saving, follow our weekly Costbusters series that will launch on July 2.
 



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