Many Aussies 'don't know where they are spending their money'

Plenty of Aussies are guilty of going through life not knowing exactly where they are spending their money.

Most people will have had a shock when they checked the balance of their bank accounts in the past and it is easy to lose track of where your cash is going.

According to a new study conducted by the Australian Securities and Investments Commission (ASIC), the average Australian will shell out $69,166 on general living costs in 2012.

However, only 54 per cent say they know what they are spending their money on.

ASIC senior executive leader of financial literacy Robert Drake said people have fallen into the habit of "living to pay".

"We suspect many households end up misdirecting thousands of dollars each year because they are not keeping track of where their money goes," he remarked.

With the cost of living rising all the time, it makes sense for people to keep a tighter grip on their finances.

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