Savvy’s new personal finance survey of 1002 Australians discovers people's average monthly savings, where they put their money and how they feel about inflation.
- 24% of Aussies save $250 or less each month
- 32.5% save $750 or over per month
- 78% rely on savings accounts, followed by super contributions (24%), then stocks & shares (19%)
- 21% of Australians “not confident at all” investment returns will continue to outpace inflation
A new survey commissioned by Savvy into the savings and investment habits of Australians (n=1,002) shows that saving rates among significant portions of the population are low, with 19% reporting that they did not save any money regularly.
How much are Australians saving?
24% of respondents said they saved at least $250 per month, with 15% saying they save between $251 and $500. More than 32% responded that they were saving over $750 a month, however.
How are people currently investing their savings?
When given an opportunity to identify all preferred saving and investment vehicles, the vast majority of respondents, some 782 of a total 1002, use a savings account. This figure was slightly higher for females (80%) than males (76%). The division between sexes was more pronounced when it came to stocks and shares, which were chosen by 23% of males, compared with only 14% of females. Similarly, more men than women were contributing to their superannuation; 26% vs 21% respectively.
How confident are people about investment returns keeping up with inflation?
When it comes to returns on savings and investments, compared to rising prices, 43% of Australians are “not confident” that their investment returns will continue to outpace inflation in the near future.
While 37% of total respondents expressed a “neutral” sentiment, 22% of the 1002 total respondents were “unconfident”, while a further 21% were less optimistic again, answering “not confident at all”. Female survey participants were the least confident, with 25% choosing “not confident at all”, compared to 18% of their male counterparts.
– Savvy Savings & Investment Survey (n=1002), September 2022.