Aussie consumers 'prefer to add to savings accounts than spend'

With many Aussie consumers nervous about their financial situation, an increasing number are forgoing shopping sprees and are instead opting to put their cash into savings accounts.

This is according to Helen Bakewell, managing director of researcher Directorial Insights, who cited a recent survey showing that shoppers are less inclined to browse and spend.

She told the Sydney Morning Herald that a growing number of people are refraining from "splurge spending" in favour of setting money aside for a rainy day.

"Caution is the order of the day for Australian shoppers and frugal fever, our desire to save with an occasional foray to snare a bargain, has gripped the nation," she stated.

She noted that the survey found that nearly one-third of Aussies set aside a portion of their money each time they receive their pay packet.

This comes after a Westpac-Melbourne Institute survey found that consumer sentiment in June fell 2.6 per cent, taking it to the lowest level seen in two years.

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