Aussies 'lose track of spending'

Mozo

Tuesday 12 January 2010

Aussies are not sure where a third of their cash goes each week, a survey has found.

The study by Visa, which surveyed more than 1,000 Australians, found that more than a third of the $176 total cash spent by Australians per week – or $59 per week – could not be accounted for.

According to Visa, the figure is more than double the international average which shows a cash spend of $120 per week with $24 unaccounted for.

In total the $59 per week means that Australians do not know where they spent a total of $3,068 per year.

In addition, the survey found that half of Aussie women were most likely to lose track of their spending while shopping for food while 44 per cent of men are likely to lose track of spending during a night out. Such findings may prompt Aussies to compare savings accounts and keep better watch on their outgoings.

The demand for savings was also heightened by a recent warning by Christopher Chadd, head of research at Property Frontiers, who said that rises in Australian house prices in the coming year will mean that property remains unaffordable for many.

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