The average amount Aussies have saved in the bank has been revealed. How is your stash stacking?

Rising pressures on the cost of living are forcing some Australians to live hand to mouth, some to examine their financial reserves and others to compromise on their dreams.

Despite or perhaps because of the bite of inflation, many who can afford it are saving like crazy, according to consumer tracker Finder.

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Research from the comparison site shows that if the average adult loses their job today, they wasted $39,439, or enough to live on for 19 weeks.

That’s a 75 percent increase from six months ago, with the amount trending higher after four consecutive rate hikes by the Reserve Bank.

Finder’s Money expert Sarah Megginson believes cash is king during a downturn.

“Australians are drastically increasing how much cash they have stashed away to offset the rising cost of living,” she says.

“Consumers are concerned that high inflation and rising interest rates will leave them vulnerable, and they are hoarding cash whenever possible to weather the storm.”

For high-yielding savings accounts with rates higher than 3.10 percent and term deposits even higher, the RBA’s hike in the base rate to 1.85 percent is bad news for borrowers but good news for savers, especially men.

The research shows that men, on average, have much larger reserves than women: $52,786 compared to $26,132.

Mom of 16 shares tips for coping with cost of living issues.

Mom of 16 shares tips for coping with cost of living issues.

However, putting money aside for bad times is not at the top of everyone’s personal financial strategy.

Of more than 1,000 Australian adults surveyed on behalf of Money.com.au, 51 percent said they would buy a new car within the next 18 months as long as they didn’t have to wait for delivery.

According to the Federal Chamber of the Automotive Industry, sales in July were more than 10 percent below historical averages due to vehicle and component shortages.

Still, 59 percent of 18-34 year olds said they would be willing to enter the market for a new wheelset by 2024 barring future supply chain issues.

In the same age group, 39 percent said they would buy a used car if the waiting list for a new car was longer than six months.

“While the decision to buy a new vehicle will depend on financial health, savings and overall vehicle usage, it’s important to remember that there is a depreciation in value,” says financial adviser Helen Baker.

“Younger Australians are likely to be more willing to buy a used car for this reason, as they may not have the funds to make a large purchase or make other purchases or investments such as a car. B. their first property, prioritize.”

At the long end of the scale, however, there are many Australians who take it harder.

From a separate nationwide panel of a thousand Finder research participants surveyed in June, nearly one in five (19 percent) said they had declined a transaction at the counter in the past three months.

Eleven percent had to abandon a purchase after falling short at the checkout, and eight percent had to put some items back on the shelf to pay for their store.

About 37 percent rank groceries among their top three most stressful expenses.

Accordingly, according to the Foodbank Hunger Report 2021, more than one in three Australians is affected by food insecurity.

Bill shock, low incomes, rent or mortgage payments and falling savings are the main reasons.

Meanwhile, the rising cost of living is also affecting Australia’s skills shortage, as a new survey shows low-paid electrical apprentices are being pushed to the brink of retirement.

Graduation rates for young Sparkies are 52 percent, which compares to 57 percent for apprentices and trainees of all professions who started in 2015, according to the National Center for Career Research.

The Electrical Trades Union survey of 642 currently working electrical apprentices shows that more than 37 percent have already considered taking it up.

A third cited either low wages or the cost of living as a key concern, saying their wages are not enough to cover basic necessities such as food, travel and shelter.

With the cost of living rising, desperate Aussies are turning to crime.

With the cost of living rising, desperate Aussies are turning to crime.

https://7news.com.au/lifestyle/personal-finance/the-average-amount-aussies-have-saved-in-the-bank-has-been-revealed-how-does-your-stash-stack-up-c-8022411 The average amount Aussies have saved in the bank has been revealed. How is your stash stacking?

James Brien

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