Budget constraints forcing debit card customers to cut spending

By Mozo ·

Debit card customers in Australia appear to be readjusting their spending habits due to financial difficulties, a new study has found.

Conducted by Roy Morgan Research on behalf of retailer Kmart, the survey revealed that three-quarters of respondents are cutting back on unnecessary expenses.

Almost half of the mothers polled said they were reconsidering how many children they wanted to have.

Psychologist Sandy Rea told the Advertiser: "Consumer sentiment is down and now it appears to be having an impact on family planning, which is quite incredible."

Among the main areas in which Aussies said they were considering making cuts were travel, entertainment and eating out.

Earlier this week, YourMoney Magazine's managing editor Jackie Pearson advised parents thinking of opening a savings account for their youngsters to look carefully at the fine print before making a decision.

She observed that often the offers with the best interest rates were not the best option for savers and that there are other details that need to be considered.

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