Aussies adopt more mindful spending habits due to Covid-19

Woman shopping locally.

New research has found that a large percentage of the population are adopting more mindful shopping habits as a result of Covid-19. 

The survey conducted by McKinsey & Company in June reveals that more and more Australians are not only conscious of how much money they are spending, but also where they are spending it.

Around 40% said that they had cut back on frivolous spending and were actively looking for more ways to save money while out and about.

Saving money: research is key 

One of the biggest takeaways from the survey is that more and more people are doing research on brands, businesses and shops before they whip out their wallet. Less are influenced by TV, print and social media advertising and are instead using their own research or the recommendations of friends and family to find new places to shop.

Better value and a wish to support small, local businesses were the biggest drivers when it came to actually choosing somewhere new to shop. Around 36% of people said that better prices and promotions would be their biggest reason for going to a new website or store, while a further 27% were mainly driven by a wish to support local companies.

Savers could be missing a trick

Of course, while it is good to see more and more Aussies thinking twice about what commodities they buy, there are even more ways to save money that don’t involve physical purchases.

If you’re not searching for a better deal on your energy bill, making a move to banish your credit card debt with a balance transfer credit card or shopping around for a high interest savings account, you could be missing out on some serious dollars.

For instance, recent Mozo research found that nearly a third of the population are more focused on building an emergency savings fund. If that includes you then that’s great. The question is, have you thought about where you’re going to stash that money? Is your current savings account up to the job?

The world of savings interest rates is far from fair right now. Some accounts come with interest rates close to zero, while others are at nearly two percent. To save yourself from savings regret, why not check out the interest rates on offer below to see where you could be stashing your emergency savings fund.

Compare interest rates - last updated 17 April 2024

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