Aussies 'love a flutter on the Melbourne Cup'
The rising cost of living has forced many Aussies to take extra care over their spending in recent years, but that frugality generally goes out of the window on Melbourne Cup day.
A study conducted by Roy Morgan Research has indicated that 6.33 million people from across the country will watch Australia's showpiece horse race on November 6th, with 41 per cent of this number likely to place a bet.
With online gambling growing in popularity, a lot of Aussies will allow their bank accounts to take a hit for one day in the hope that they will back a winner.
The research showed that more than one in three punters know how much they can afford to spend on gambling, while 11 per cent usually place a bet on the spur of the moment.
Roy Morgan's general manager of media and communications George Pesutto said that while most people see gambling as a good way to improve their finances, others simply have a flutter for the sheer thrill of it, especially on Melbourne Cup day.
Last year, the meeting generated an incredible $746.1 million towards the Australian economy.
Have a question about bank accounts? Ask the money gurus at Mozo Answers.