Aussies buckle down to save for a special occasion
Younger Aussies are spending less on the small stuff and saving up for big ticket items to make up for lost time during the pandemic.
In fact, a recent Consumer Sentiment Report by National Australia Bank (NAB) reveals something interesting: Gen Z are saving a total of $403 a month by cutting back on their discretionary spending on things like restaurant dining and entertainment. That’s a total of $4,800 a year!
Additionally, the majority are saying ‘no’ more often when it comes to food delivery services, with 54% saving roughly $92 per month, or $1,100 each year.
What are they spending on then? Well, special experiences.
“We’re seeing Gen Z manage the cost of living in their own way. Whether it’s a Taylor Swift or Robbie Willliams concert or a Matildas match, younger Aussies are showing they are prepared to cut back on eating out, food delivery, or micro treats to make ‘life moments’ happen,” says NAB’s personal banking executive, Kylie Young.
Savings goals
When looking to splurge on life experiences rather than on mundane conveniences, a savings account is something to think about as it can be a way to help you reach your financial goals.
Currently, Mozo’s database shows interest rates as high as 5.50% p.a. offered by some providers. So if you have $1,000 in your savings account and make deposits of $200 each week over the course of 3 years, you could have a total of $32,414 saved up (with $2,614 being interest earned). Not bad!
It’s important to do your research and shop around when it comes to choosing the right savings account for your needs. Checking interest rates and fees are crucial.
Compare savings accounts
Ready to meet your financial goals? Have a look at some of the best savings accounts that our experts at Mozo have tracked this month, or compare our top picks below!
^See information about the Mozo Experts Choice Savings Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.