Saving listed as top priority for Aussies ahead of budget announcement
A recent study by specialist insurer TAL reveals saving as the biggest financial priority for Australians ahead of the 2014/15 federal budget announcement next week.
The research shows 96% of key demographic groups in Australia rate saving as the highest of money concerns, with 100% of young Australians aged between 18-24 rating saving as a current financial priority.
Saving for leisure - dining out, cinema, theatre - was second on the list of financial priorities at 81%, followed by saving for vacations at 78% and retirement at 76%.
Life insurance was also high on the list with 58% of all respondents and 64% of Generations Y and X participants listing financial protection as a high priority.
TAL Group CEO Jim Minto said the findings suggest Australians acknowledge the reality of needing to create greater personal independence by identifying saving.
"These results from our ongoing research into consumer financial behaviour suggest while doing this, they are clearly dreaming of and planning for the things they want to do while not working," Minto said.
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