When you’re a kid, there’s nothing more rewarding than being ‘cool’, and it looks like that desire to be on trend has carried on into adulthood.
According to new research by online bank, UBank, 53% of Aussies say that being financially savvy is cool and that 3 in 4 Aussies consider themselves to be savings-focused.
Not only are Aussies putting in the work to save, they’re also getting more frugal with their spending, with UBank revealing things like brunches, ride-sharing apps, subscriptions and streaming services are now becoming a thing of the past.
“Millennials get a bad rap when it comes to their finances, but these results show something that we’ve known for a long time - that this age group certainly has big goals in their sights and they’re willing to make tough choices to get ahead,” said UBank CEO, Lee Hatton.
Some are even taking it one step further by cutting back on insurance, like their home and contents insurance or car insurance, a financial move that Mozo Director, Kirsty Lamont, has reminded Aussies can have serious financial ramifications.
“We all want to do our best to save wherever we can, but Aussies should still consider the financial risk involved of not having insurance for their homes or cars. If something does go wrong, you’ll have to foot the bill which, depending on the damage, could hit the thousands,” she said.
“If you are looking to become more financially savvy, it might be better to instead shop around for insurance policies to see if you could be getting a better deal elsewhere.”
Lamont also reminded Australians of the importance of having the right savings account to help reach their savings goals.
“Although we’ve watched savings account rates tumble since the double RBA rate cut, it’s still important to find a savings account that works for you, not against you,” she said.
So on that thought, we’ve gone ahead and rounded up some of the hottest current offers in the Mozo database that could be your perfect savings account match.