Sweet tooth leaves $8.83 billion hole in Aussie’s wallets

Did you know Australians spend more money each year on confectionary, cakes and biscuits than on vices like beer, cigarettes and coffee?

The average Australian household spends $1,032.20 each year or ($19.85 a week) on sweet indulgences like chocolate, lollies, cakes and biscuits. This is almost twice as much as we spend on fresh fruit (just $9.60) or vegetables ($10.79) each week. And it’s also a lot more than we spend on sporting and gym fees ($9.55) each week.

That’s a whopping $8.83 billion a year that could be put towards bulging up our bank accounts instead of our waistlines.

We’ve calculated that by giving up a few sweet indulgences, the average household could save an average $1700 in a year – that’s a new flat screen TV or family holiday to the Gold Coast.

But keep this habit going for a decade, and put the money into a high interest savings account, you could potentially have a nest egg of $23,000 –enough for a car or a house deposit. And now is a great time to get into this much healthier savings habit. Mozo’s latest data shows that banks are actively competing for deposits with higher savings rates on offer.

Top 5 savings rates include:

UBank USaver 6.01%

Rabo Direct High Interest Savings 6.01%

ANZ Online Saver 6.00%

Citibank Online Saver 6.00%

HSBC Serious Saver 5.95%


Source: ABS household expenditure survey 09-10

Sweet tooth leaves $8.83 billion hole in Aussie’s wallets was last modified: June 13, 2012 by Kylie Moss

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