'Even split' for saving and spending stimulus cash

Thursday 07 May 2009

Article by Mozo

People are planning on putting the cash received as a part of the government’s financial stimulus package to a variety of purposes.

Research carried out by the Australian National Retailers Association (ANRA) reveals under a quarter (23 per cent) of Aussies will look to use such money to pay down credit cards, loans and other forms of personal debt.

Meanwhile, ten per cent plan on making mortgage payments with this cash, a rise from the nine per cent who felt this way in February – while 22 per cent are set to spend money on non-essential items.

However, there are those looking to invest their cash for the future as 16 per cent claim they will save their money.

For such consumers seeking out a high interest savings account could be advisable.

"Overall, Australians are still split evenly between spending and saving the cash," Margy Osmond, chief executive of ANRA, states.

Last month, The Daily’s Paul Clitheroe claimed that after a series of interest rate cuts by the Reserve Bank of Australia it is crucial that people compare savings accounts in order to make the most of their money.

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