Get Fully Briefed with Yahoo Finance, delivered straight to your inbox.
Australians haven’t been holding back when it comes to saving their hard-earned cash.
New research from Finder found most Aussies were putting aside $743 a month on average.
A nationally representative survey of 1,057 respondents revealed three in five Australians – equivalent to 12 million people – had good savings habits.
Also read: Rising cost of living doesn’t mean you should stop saving
Also read: 77 per cent of Aussies eye side hustle to make ends meet
Also read: Shocking image shows cost of living set to skyrocket
This includes almost half who classify themselves as mostly a saver but splurge from time to time, and 13 per cent who say they are definitely a saver.
Nearly a third said they were mostly a spender but tried to save a little.
However, a worrying 10 per cent admitted their attitude was that they could always make more money tomorrow, so chose to spend instead.
Finder money expert Sarah Megginson said the ability and willingness to save money was critical for short- and long-term financial health.
“The majority of Australians are self-confessed savers, helping them weather emergencies and fast-track future money goals,” Megginson said.
“Whether it’s to buffer themselves from the current cost-of-living crisis or to create long-term wealth, building a healthy savings account balance is the key to being financially resilient.”
Australians save $743 on average per month – totalling more than $8 billion per month nationwide.
But a concerning 2.4 million Aussies don’t have any savings to fall back on in an emergency.
Megginson urged spenders to bite the bullet and look at their finances so they could get into a regular savings habit.
“Having savings to dip into during an emergency or even to help cover basic living costs can take so much stress out of your life,” she said.
“It may not seem like a lot of fun to take a deep dive into your budget and financial habits, but it can give you peace of mind when you take stock of the situation and look for opportunities to save.”
Megginson said, without savings, households would be forced to fund unexpected expenses with credit, which could see them land in debt.
“The cost-of-living crisis hits harder for those without emergency savings,” Megginson said.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
'The Voice' 2022 cast members Gwen Stefani and Blake Shelton reportedly had a conversation about Maroon 5 singer Adam Levine and his alleged affair.
A Surry Hills studio apartment – previously dubbed “room with a poo” – is back on the market. Take a look.
The crisis in English rugby has hit a devastating new low, leaving 167 people out of work. More here.
Commentator Sydney Watson refers to passengers sitting next to her as ‘the fats’ in a tweet
A local man has shared his excitement over the 'nice little award'.
Former Home and Away star Christie Hayes has opened up about her extremely difficult fertility battle with her husband. Read more.
Aussie star Rebel Wilson has stunned fans with her latest photo with girlfriend Ramona Agruma, leading to speculation. Read more.
The local market is expected to rebound this morning after Wall Street rallied overnight. This is your Tuesday morning wrap.
The pair coordinated in all-black looks at Ralph Lauren's spring 2023 runway show.
The pair’s public appearance together means more than just the usual celeb pap shot
Sally Bowrey had a ‘disaster’ during Monday morning’s broadcast with only two minutes and thirty seconds until she had to be on the air. Read more.
The Victorian government has introduced a free IVF clinic in Melbourne today. Here’s who is eligible.
New details have emerged about the $15 million sponsorship controversy for Netball Australia. Read more here.
Asia stocks rose on Tuesday as the dramatic U-turn in British fiscal policy brightened investor sentiment, while sterling flirted with two-weeks high on hopes the Bank of England may further delay plans for quantitative tightening. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.55%, while Japan's Nikkei rose 1.59%. European stock futures indicated stocks were set to continue their ascent, with the Eurostoxx 50 futures up 1.25%, German DAX futures up 1.22% and FTSE futures up 0.87%.
Take out your loan before October 6, 2021? In just 14 days’ time, tens of thousands of Aussies will enter mortgage prison. Find out more here.
The east coast has copped a downpour of rain in recent weeks which led to the discovery of these insects in Australian homes. Find out what they are.
The cricket world has praised the cool moment the two batters were seen together. Find out more here.
Asia stocks rose on Tuesday as the dramatic U-turn in British fiscal policy brightened investor sentiment, while sterling flirted with two-weeks high on hopes the Bank of England may further delay plans for quantitative tightening. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.55%, while Japan's Nikkei rose 1.59%. European stock futures indicated stocks were set to continue their ascent, with the Eurostoxx 50 futures up 1.25%, German DAX futures up 1.22% and FTSE futures up 0.87%.
Teenager is paraplegic after pellet passed through spinal cord in attack, court heard
* Indonesian 10-yr yield at 3-month high * Most equities advance; Singapore shares tick lower * Bank Indonesia seen hiking key rate by 50 bps – Reuters poll By Jaskiran Singh Oct 18 (Reuters) – Asian currencies strengthened against a subdued dollar and equities advanced on Tuesday as risk appetite got a boost from an upbeat start of corporate earning season in the United States and a reversal in the United Kingdom's financial policy. The U.S. dollar too took a breather from its recent rally with the index sagging to near a 1-1/2-week low, boosting regional currencies. In the United Kingdom, new finance minister Jeremy Hunt immediately reversed course on many of Prime Minister Liz Truss' fiscal measures, which had unnerved markets in recent weeks.