Younger Aussies are spending more on entertainment, says Commbank

Younger Australians are spending their money on experiences that matter to them as a way to ease stress during the cost-of-living crisis.

Based on recent data by Commbank, spending on entertainment has increased by 13% for Aussies aged 25-29 years old, with this trend possibly continuing as Black Friday sales begin.

Meanwhile, the research shows spending on essentials such as household goods are down by 17%. This suggests many are regarding entertainment as an essential spend.

As there’s a fine balance when it comes to juggling the costs of what’s actually essential and entertainment, while also keeping some money for a rainy day, a good savings account is important. 

Time to review your savings account?

If you’re looking for a way to grow your bank balance, the first thing you might do is review your savings account. 

This is because your savings account can impact how much you’re able to earn in interest over time as the better your rate, the more interest you’ll gain.

For instance, Firefighters Mutual Bank’s Target Saver offers a relatively high interest rate of up to 5.50% p.a. when you meet certain conditions such as keeping a positive balance in your account at all times. ING’s Savings Maximiser also allows you to earn interest of up to 5.50% p.a. if you satisfy requirements such as making 5 transactions each month. 

When deciding on a savings account, it’s important to do your research. Remember to look out for any conditions you’ll have to meet in order to receive the full bonus rate, along with any fees that may be attached to the account. 

Compare savings accounts

Ready to start your money management journey? Check out some of the best savings accounts that our experts at Mozo have tracked this month, or compare options below!