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Because of the Covid-19 pandemic, not every Aussie will get to afford a laving Christmas.

5.4 million Australians will rely on credit to fund Christmas this year.48% will limit the price of their gifts for their family and friends while 16% will give handmade gifts. 11% of Aussies will regift unused items and 16% will opt for Secret Santa.

McCrindle Research has recently announced a report that examined the impact of 2020 on savings capacity and what Aussies plan to do with these savings. 6% of Australian saved significantly more this year while 12% saved somewhat more. 23% saved slightly more and 32% saved the same. 16% spent slightly more while 7% spent somewhat more. Lastly, 5% spent significantly more.

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21% planned to use these savings to travel interstate while 20% planned to pay off their debt. 19% would spend these to travel internationally when the borders reopen and 18% would travel to regional Australia. 17% would contribute to their retirement savings whereas 15% would buy a property to live in. 15% of Aussies would invest in shares and 13% would buy something for themselves that they have put off for a long time. 10% would buy an investment property, another 10% would go on a shopping spree and 22% would simply keep their savings.

The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. 

We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser. 

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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Sky Accountants Ballarat

Phone: 1300 328 855

Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Sky Accountants Gisborne & Macedon Ranges

Phone: 03 97444522

Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437