Business

More than 50% of Australians don't have savings - report

MORE and more Australians are finding it hard to save cash at the end of their pay cycle, according to a recent report.

The ME Bank Household Financial Comfort Report, released earlier this week, shows in June this year, only 46% of households were able to save each month.

This was the lowest since ME Bank started conducting the surveys in October 2011.

The report also showed 42% of households were breaking even on with their monthly budgets and 12% were overspending by drawing on savings, loans or home equity.

About one-third of households also reported having less than $1000 cash-on-hand, a rise of 7% during the past six months, while 24%  said they could not raise $3000 in an emergency - a rise of 6%.

See the full report here: ME Bank Household Financial Comfort Report

Topics:  credit cards, home loans, money, savings




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