Aussies dodging debt and saving more
Furthermore, the Melbourne Institute study also showed that fewer people are running into debt, with repayments on credit cards up seven per cent on the previous year.
The number of industrious consumers putting cash away for a rainy day is also on the up, with 40 per cent of people making contributions to savings accounts, compared with 30 per cent of those included in last year’s study.
“People are more concerned about the future and they are saving more,” Guay Lim, a researcher at the Institute, which is attached to the University of Melbourne, told the Daily Telegraph.
And it seems that while many are worried about the future, they are also keen to make sure that their family enjoys the festive season, with one in four already saving for Christmas presents for their loved ones.