People in WA are boosting their savings accounts
Times are tight for many Aussies and it seems that the days of luxury spending sprees are over for plenty of households.
Although unemployment levels are low, the cost of living in the country has risen sharply and a lot of people are struggling to make ends meet. This is bad news for retailers throughout Australia, as their custom is dwindling.
According to the new Curtin Business School-CCI Survey of Consumer Confidence, people in Western Australia (WA) are being particularly frugal with their wages these days.
Indeed, the study showed that 68 per cent of respondents are prioritising topping up their savings accounts, while more than half said they are focused on reducing debt levels.
Professor at the business school John Nicolaou believes many Aussies are still concerned about the volatile state of the global economy and this is causing them to put more money aside for a rainy day.
"[Aussies] are spending more on utilities, groceries and transport compared to a year earlier, confirming the pressure being placed on the family budget," he remarked.
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