81% of Aussies will take advantage of EOFY sales, according to Mozo research

Man in a beanie and coat sitting on a lounge, using his phone and credit card to make EOFY purchases.

If you’re prepping your bank account or credit card for a big end of financial year shopping expedition, you’re not alone. A new Mozo study has found 81% of Australians are planning to hunt for discounted computers, software, office furniture and cars before the tax doors close on 30 June.

The survey of more than 2,000 Aussie shoppers found 45% have been stocking up their savings accounts to make EOFY purchases, with a quarter of the group putting away between $1,500 to $6,000 for the sale spree.

When asked about the payment methods they’d use to make these purchases, 46% plan to use debit cards and 35% will use cash to pay up front. For those putting their purchases on credit, 29% will pull out their credit cards and 24% will turn to Buy Now Pay Later platforms.

The significant presence of cash in this payment method breakdown is somewhat unusual. The RBA has recorded a consistent decline in cash transactions – down to 23% of in-person transactions in 2021 from 32% in 2019.

Talking on The Finance Burrito Podcast this week, Mozo’s Senior Research Analyst Mitchell Pollard said convenience really is key when it comes to using digital payment methods. 

However, he said “cash exists as the ultimate privacy tool” for shoppers who don’t want to be targeted with advertising or have their spending data used in other ways.

“With every transaction you make, you can assume it’s being tracked by someone, whether that’s your own bank with a simple transaction history or a supermarket chain logging your purchase habits so they can build their own customer insights,” Pollard said.

Mozo spokesperson Tom Godfrey said this trend may also point to an increase in savings. Current Australian Bureau of Statistics (ABS) figures show the household savings ratio jumped in the June quarter last year to 22% and is now around 11.6%.

“With household savings reaching record levels over the past year it’s clear Aussies are in a great position to tap their debit cards or reach into their wallets for cash this sales season,” Godfrey said.

If you’re considering an EOFY splurge, make sure you keep the rest of your stash safe and earning interest with a high interest savings account like one of the below:

Compare high interest-earning savings accounts - last updated 24 July 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
    • Mozo Expert Choice Badge
      Bonus Saver Account
      Maximum rate
      standard interest rate
      Govt Deposit Guarantee
      1.20% p.a. (for $0 to $250,000)
      0.10% 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 Everyday or Glide transaction accounts.

      Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

      Details
    • Boost Saver with Go Account
      Maximum rate
      standard interest rate
      Govt Deposit Guarantee
      1.20% p.a. (for $0 to $250,000)
      0.10% p.a.(for $0 and over)
      Yes up to $250,000

      Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

      Enjoy a savings account bundled with a spending account. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

      Details
    • Online Saver
      Maximum rate
      standard interest rate
      Govt Deposit Guarantee
      1.10% p.a. (for $0 to $500,000)
      0.35% p.a.(for $0 and over)
      Yes up to $250,000

      Bonus rate for the first 4 months from account opening

      No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

      Details
    • Grow Saver
      Maximum rate
      standard interest rate
      Govt Deposit Guarantee
      0.65% p.a. (for $0 and over)
      0.10% p.a.(for $0 and over)
      Yes up to $250,000

      Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

      Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

      Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.