Saving money is still important

With household budgets tightening all the time, it is easy for people to forget about adding to their savings accounts.

The cost of living is constantly going up and many Aussies simply don't have enough spare income to keep their nest eggs topped up.

However, director of Chapters Financial Planning Keith Churchouse believes that failing to put cash aside for a rainy day is a false economy.

Statistics show we are generally living for longer, which makes it all the more crucial that we plan for retirement as soon as possible, Mr Churchouse added.

He suggested that women in particular need to take urgent action because they traditionally end their careers with less money than men. Putting a regular amount of cash into a savings fund each month can stand you in good stead for when your eventually retire.

"Keeping that planning under review as circumstances change is also important to make sure that the pension benefits that people require upon retirement are available when they get there," Mr Churchouse remarked.

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