Positive signs: More Australians using savings accounts

Mozo

Thursday 17 September 2009

Australia’s households are increasingly able to use their savings accounts to store away extra cash, according to new research.

This demonstrates that finances across the country are steadily improving, according to the Melbourne Institute.

Compared to three months ago, people are better off, with the organisation’s household financial conditions index rising 7.4 per cent in September.

Some 47 per cent of households said they are putting away part of their income, potentially into high interest savings.

Furthermore, the most popular reason for using savings accounts was to set aside money for travel or holidays, with 51.6 per cent of respondents citing this as their primary motivation.

Research fellow at the firm Guay Lim, said Australians are "expressing more optimism about their financial future".

In terms of home loans, 81.4 per cent of those questioned said they owned their home or had a mortgage, compared of 78.8 per cent last month.

According to RP Data, there was a 32 per cent year-on-year increase in the number of properties sold in June.

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