Aussies 'are taking greater care with their money'

Tuesday 05 April 2011

Article by Mozo

After a period in which Australians were less careful with their cash, an increasing number are trying to fill their savings accounts and watch what they spend, it has been suggested.

Australians 'are being more careful with their cash'

Speaking to the Sydney Morning Herald, economist at the Grattan Institute Saul Eslake noted that until the early years of the last decade, Aussies "managed to contain our lust for stuff to within the level of our income".

He noted that this changed and between the mid-1990s and mid-2000s household debt rose dramatically.

However, the expert said this trend has started to reverse and more people are living within their means.

"People have become much less sanguine about the prospect of rising asset prices doing their savings for them," he stated.

Last month, financial experts David and Libby Koch said in an article for News Limited that Aussies should try to put six months' salary into a savings account to support them in the event of an unexpected emergency.

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