Gen Y know how to party and save, finds latest Suncorp research
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On World Savings Day, it seems only fitting to celebrate the best savers among us, and you might be surprised to learn that Gen Y really excel when it comes to stashing that cash.
According to Suncorp bank’s Best Saver Report, the average Aussie aged between 18 and 34 save approximately 32% of their hard earned money each month. A figure which is considerably higher than the national average of 23%.
“It was interesting to see the top savers in this younger age group were motivated by tangible goals - buying their first home, investment property or shares, which goes against the common assumption that this generation has given up on the great Australian dream of home ownership,” commented Suncorp’s Executive General Manager of Consumer Financing, Chris Fleming.
Yup, it would seem that there really is more to Gen Y than smashed avo on toast and smartphone addictions.
The report even went so far as to describe Australia’s best savers as women aged between 18 and 34 with full time jobs, living in New South Wales, who entertain regularly, have tangible goals, bring lunch to work and share streaming subscription services with a friend.
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Of course, not everyone can fit perfectly into this savings model. Indeed as Fleming suggested, many Aussies in the same age group admitted to impulse purchases and spending a lot of their salary as soon as they get paid.
“Getting in the habit of good money behaviours at an early age, like prioritising needs over wants, being mindful about where we spend our money and keeping track of discretionary spending, can really help us financially for later in life,'' added Fleming.
The report also found that a worrying 25% of Australians are often anxious about their finances, with 11% not saving at all.
To get more savvy with saving, Suncorp Behaviourist Economist, Phil Slade suggested thinking about savings in terms of percentages rather than dollars and cents.
“If we think of our savings as a percentage rather than a number it could trigger a change in behaviour later in life - the 80/20 rule is a great example. With the 80/20 rule if your earning capacity changes, you will continue to contribute the same percentage of your salary to your savings or investment goal,” Slade explained.
Get savvy with your savings this World Savings Day!
Of course, there’s no better time than World Savings Day to think about turning over a new leaf and kicking bad budgeting habits.
So here are some of Mozo’s top tips for stashing your dollars and cents this World Savings Day:
- Create a budget and stick to it! Honestly it’s a must have for any savings plan. Check out our guide on how to create a budget, to see how you can start putting your ducks, or dollars and cents in a row.
- Kick a bad habit. Now this one is easier said than done, but kicking just one bad money habit could really make a difference to your savings stash. Figure out what your No. 1 bad money habit is and see if you can do without.
- Save every dollar and cent. Small change might seem like an inconvenience to your wallet or purse, but it can really add up. So get yourself a good ol’ fashioned piggy bank and start stashing.
- Give yourself savings goals! It helps to know what you’re saving for, whether it be a car or a microwave, having an incentive to put your wallet away could really help.
- Keep your savings in a high interest savings account! For any good savings plan you need an even better savings account. So if you’re struggling to put money away for a rainy day, take a look at other savings accounts to see what else is out there.
Feeling inspired? Why not have a gander of the bonus savings accounts below, to find out if you could be getting a better annual interest rate on your hard earned dollars.
Compare bonus saver accounts
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Account fee per month
- $0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- Standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Account fee per month
- $0.00
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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