Rocky people are less likely to save their personal income

IT IS more about spending than saving in Rockhampton and the rest of central Queensland.

Suncorp Bank Australians' Saving Habits Report has found locals aged 18-64 are less likely to save their personal income than other Australians are, but most likely to be saving for their children's education.

While Australians on average save about $427 of their personal income monthly, central Queenslanders are more likely to be saving $266 - the lowest figure state-wide.

Capital city dwellers save 50% more than those living in the regions.

How much do you save each fortnight?

This poll ended on 26 June 2015.

Current Results

$0 - $25

32%

$26- $50

1%

$50 - $75

5%

$75 - $100

8%

$100 - $150

2%

$150 - $200

11%

$200 - $300

37%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Coupled with a higher average income, this translates to $478 monthly going into savings compared with $325 for those outside capitals.

Surprisingly Generation Y, commonly perceived as the self-entitled generation, are surpassing Generation X and overtaking the Baby Boomers to become Australia's best savers.

On average 25-34-year- olds are saving $533 monthly, more than $100 above the national average. The report said this was the age when financial commitments were lowest and one in four people aged 20-34 were still living at home.

 

Suncorp found Gen Y is heavily focused on saving for a holiday and other social experiences, rather than the traditional Australian dream of owning a home.

Across all age groups, men save significantly more. Coupled with a higher income, the average man saves $507 a month compared to $346 for women.

Men are more likely to be saving for an investment property while women are more likely to be saving for holidays and travel, homewares and house renovations.

The report is part of Suncorp Bank's Cost of Living research series, designed to reveal Australian's financial behaviours and promote financial responsibility.

For practical tips on saving, follow our weekly Costbusters series that will launch on July 2.

 

startling statistics

The best savers use their credit cards more than average

Australia's best savers are more likely to go out to clubs and bars on the weekend, but they do tend to take their lunch to work

Australia's best saver tends to be a tertiary educated Generation Y man who lives in a metropolitan area and has no children, who values quality over price and brings his lunch to work

Source: Suncorp Bank Australians' Saving Habits Report



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