Aussies to use savings accounts to finance Christmas

Aussies that have put funds away in high interest savings accounts appear to be more inclined to use this money to purchase goods over the Christmas period rather than spend using credit cards, new figures suggest.

The latest Consumer Credit Expectations survey by Dun & Bradstreet showed that nearly two-thirds of people in the country plan to finance their holiday in this way.

It also revealed a 25 per cent fall in the proportion of consumers who think they will have extra money in the run-up to Christmas.

Christine Christian, chief executive officer of the organisation conducting the study, commented: "Economic uncertainty and financial instability appear to be influencing increasingly conservative behaviour from consumers.

"Ordinarily, we would expect borrowing to rise more dramatically around Christmas time, but these results would indicate otherwise."

This comes after figures from the Australian Bureau of Statistics suggested that the gap between the wealthy and the poor is increasing.

Have a question about savings accounts? Ask the money gurus at Mozo Answers. ADNFCR-1761-ID-800761352-ADNFCR