McCrindle Research recently produced a report examining the impact of this year on savings capacity, and what Australians planned to do with those 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.
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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