Aussies 'are putting too much in savings accounts'

While it might be important to put money in a savings account for a rainy day, it has claimed that Aussies are currently being too cautious with their cash.

Bernie Brookes, chief executive officer of retail outlet Myer, made the statement after the announcement of a decline in profits at his company.

Commenting on recent trends, Tim Boreham of the Australian suggested that consumers are concerned about a variety of things, such as utility bills, education costs and taxes.

Despite this, Mr Brookes asserted: "They are still saving too much as far as I'm concerned."

His comments suggest that a call for Aussies to keep saving by the Reserve Bank of Australia's governor Glenn Stevens is being heeded.

He told the Victorian state parliament that it is important to consider the balance between spending and saving – a statement that might tempt some to go online and compare savings accounts.

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