Aussies 'have more to put in savings accounts than in the past'

Australian households may have more spare cash to put into savings accounts now than they have done in the past, according to new research.

Data from IBISWorld revealed that a variety of consumer costs have dropped and that wages have risen more than the consumer price index.

Karen Dobie, general manager for Australia at the firm conducting the study, commented: "Despite consumers still exhibiting slow spending, current wages growth is actually outpacing cost-of-living increases.

"Australians are in many ways better off right now than we think," she added.

Among the goods to demonstrate declines in prices were electrical products, women's clothing and cars, which fell 20 per cent, 4.3 per cent and 1.1 per cent respectively.

Those who are planning on opening a savings account may want to consider comparing the rates at one of the big four banks in light of a recent survey conducted by Roy Morgan Research, which found that customer satisfaction levels rose in June.

Have a question about savings accounts? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800634428-ADNFCR