Aussies 'are saving more than originally thought'

Shrewd Aussies have been stashing more money away than it was originally thought.

The Australian Bureau of Statistics (ABS) has revealed that it may have previously underestimated the amount of cash that people have been putting into their savings accounts, Reuters reports.

Now, it believes the ratio of household savings to disposable income stood at 10.8 per cent in 2011/12 – up from its first estimation of 9.3 per cent.

This is the highest reading since 1986 and comes shortly after CPA Australia voiced its concerns that people were failing to build up a nest egg for when they finish working.

Indeed, the organisation warned the country was heading for a "retirement savings disaster".

The ABS has also revised its savings figures for 2010/11 up to 10.7 per cent from 9.6 per cent.

While it is good to see Aussies building a greater financial buffer, retailers will be keen for people to start spending again and this could prompt further national interest rate cuts in the near future.

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