Grey reveals Aussies 'becoming smarter with money'

Mozo

Wednesday 13 May 2009

Australians are taking a keener approach towards money management as the economic crisis rumbles on and interest rates remain low.

Research carried out by advertising agency Grey reveals that 86 per cent of those questioned are actively attempting to avoid debt.

On the whole, however, many are positive about their current money management situation as 53 per cent claim they are planning to spend more money on travel, electronic goods and furniture over the next 12 months, while 44 per cent are planning increasing expenditure on home improvements, Smart Company reports.

"No longer are Australians putting it on the credit card, but we are looking to be smarter with our own money," Simon Rich, director of planning for the firm, states.

Mr Rich points out that low Reserve Bank interest rates and falling petrol prices mean that many "are positive about today, but concerned about what the future may hold".

However, those that are looking towards plastic as a means of supplementing their expenditure may want to compare credit cards in order to get a competitive deal.

Meanwhile, recent research from the Australian National Retailers Association showed 23 per cent of people are planning on using financial stimulus cash to pay down their debts, while 22 per cent are looking to spend such cash on non-essential items.

Get more information on the latest Reserve Bank interest rates with MozoADNFCR-1761-ID-19167974-ADNFCR

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