Bundaberg people behind state when it comes to saving

IT IS more about spending than saving in Bundaberg and the rest of 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.

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.

Across all age groups, men save significantly more.

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.

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.

CRUNCHING THE NUMBERS

Food takes the biggest chunk of our budgets at 17.5%

32% of Australians are saving for a holiday

36% of people are saving for first homes, house renovations or investment properties

The proportion of personal income saved peaks during younger years, declines from late 30s through the 40s before increasing slightly after 50

Source: Suncorp Bank Australians' Saving Habits Report

INTERESTING FACTS

The best savers use credit cards more than average

Australia's best savers are more likely to go out to clubs and bars on the weekend, but they do tend to take their lunch to work

Australia's best saver tends to be tertiary-educated, Gen Y, male, lives in a metropolitan area, has no children, values quality over price and brings lunch to work

Source: Suncorp Bank Australians' Saving Habits Report



Man builds mobile showers for city's homeless

premium_icon Man builds mobile showers for city's homeless

Lions step in to help Bundy homeless

MYTH BUSTED: Bundy police squash violent robbery rumours

premium_icon MYTH BUSTED: Bundy police squash violent robbery rumours

Rumours of violent break-ins have run rife through the region lately

Local Partners