Households 'have more disposable income to put in savings accounts'

Aussie households are better off than they were five years ago, with the average level of disposable funds available each month among middle-income families rising by $23, money that could be put away for a rainy day in savings accounts.

The data from the National Centre for Social and Economic Modelling (Natsem) released to the Herald Sun showed that the richest homes in the country have an average of $31 extra to spend monthly.

Ben Phillips, principal research fellow at the organisation conducting the study, commented: "The gains in income show that not only has the size of the income pie increased, but the lower and middle-income families are sharing more of the pie than in 2005."

According to the Natsem study, disposable income among those in this demographic have risen by 30 per cent over the last five years.

This comes after a report by the Bank of America-Merrill Lynch cited by the Australian suggested that financial institutions may have underestimated the cost of living in Australia.

Have a question about savings accounts? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800522775-ADNFCR