UBank has commissioned new research to look at how financial savviness is on the rise, with Australians making big sacrifices in order to boost their savings. The findings revealed that 3 in 4 Australians are now savings-focused, with over half saying that being financially savvy is now cool. With 23% of millennials more likely to use a budgeting tool if they aren’t already – there’s room for tools like Free2Spend to genuinely make an impact and help Australians plan for expenses, savings goals and income in order further reduce financial stress and increase financial savviness.
When it comes to finances, Aussies are sleeping easier:
- UBank’s 2018 Know Your Numbers Index found 59% of Australians were stressed or losing sleep over their finances. Recent research reveals only 33% now lose sleep over money
- 52% of Australians are in better control of their spending and are more financially savvy than ever before
Cutting back on more than just coffees, Australians are making big sacrifices in order to save:
- Australians are only making unplanned purchases 1.32 times a week on average
- 61% of Australians are sacrificing on dining out, particularly those aged 18-24
- 41% of Australians say they’ve cut back on coffee and subscriptions like gym memberships or streaming services
- 35% of Australians are going further by cutting back on private health insurance, with those aged 25-34 even more likely to skip out on insurance to get ahead – 44% say they’ve dropped their health insurance or other type of insurance
Some Australians feel like they aren’t saving enough – especially millennials:
- For one third of Australians, the way they spend money makes them feel like they haven’t saved enough for their age – this jumps to 46% for millennials
- One quarter of Australians (25%) say their spending makes them feel like they won’t be able to afford a home
- 77% say that dipping into their savings causes them anxiety
UBank was launched in 2008 and was developed and is supported by the financial strength and global capabilities of National Australia Bank Limited (NAB). UBank is a fintech and provides simpler, better, smarter banking for its customers online and over the phone. Operating under NAB’s banking licence, UBank currently offers a range of products including competitive home loans, online savings accounts, and Term Deposit accounts (which can be used by Self-Managed Super Funds). © National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.