How Australians save money

Have you ever wondered what it takes to be a successful saver? Our infographic shows how Australians save money, people's different saving styles as well as the techniques used by successful savers. Our TrackMyGOALS app can help you achieve your saving goals faster. 

View accessible text version (below)

How Australians save money infographic part 1
How Australians save money infographic part 2
How Australians save money infographic part 3

How Australians save money (Accessible text version)

Savers

  • 16% - Saving easily
  • 41% - Saving a little

Non-savers *

43%

'A goal without a plan is just a wish'

Of those who are saving …**

  • 48% - for a home
  • 36% - to buy a home 
  • 14% -  to renovate a home
  • 47% - for a holiday
  • 18% -  for a holiday within Australia 
  • 39% -  for a holiday overseas
  • 47% - for the future
  • 33% - for an emergency fund
  • 13% - for a car
  • 10% - for education
  • 8% - for furniture/appliances
  • 5% - for a wedding
  • 4% - for new computer/technology
  • 8% - for something else

What kind of saver are you?

  • 11% Dreamer - I have savings goals, but no real plan for achieving them
  • 24% Hit & miss - I have a plan to achieve my savings goals, but I don't always stick to it
  • 37% Slow & steady - I save small amounts regularly and I'll eventually get there
  • 28% Fast & determined - I'm really focused on saving as quickly as possible

Women and men approach saving differently

Women

  • Dreamer - 11%
  • Hit & Miss - 26%
  • Slow & Steady - 39%
  • Fast & Determined - 24%

Men

  • Dreamer - 11%
  • Hit & Miss - 22%
  • Slow & Steady - 31%
  • Fast & Determined - 36%

Women are more likely than men to save for more than one thing at a time.

The Do's & don'ts of successful savers

Of those who are saving…

  • 65% - Are confident they will achieve their goals
  • But… 43% don't have a clear plan

Techniques used by confident savers:

  • 78% - Know how much money is needed
  • 75% - Have a clear savings plan
  • 73% - Regularly review their progress
  • 72% - Have a specific saving time frame
  • 43% - Tell their family and friends

Those who review, remind themselves and publicly commit to their goals are more likely to achieve them.

Dream it, Believe it, Save for it

ASIC's MoneySmart TrackMyGoals app is a great new way to help you achieve your money goals faster. Download the new TrackMyGOALS app.

Sources:

* MoneySmart brand tracking program, Sweeney Research January 2014 (n=1,380)
Note: It is possible some classified as 'non-savers' may be making extra payments on their mortgage, other loans or into their superannuation.

** MoneySmart online 'Money Goals' poll July 2014. (n=1,566)


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Last updated: 31 Oct 2016