Half of Australians admit to struggling to save

Olympic divers Robert and Chantelle Newbery join the campaign to get Australians financially fit

Australia is a nation increasingly divided into the ‘haves’ and ‘have nots’, according to new research commissioned by BankWest1. Approximately half the population reveal they haven’t enough money to regularly set aside for savings, with around three quarters of these citing everyday expenses such as groceries and petrol as the main cause of chewing up their household budget.

Research released in support of Australia’s savings product, BankWest’s TeleNet Saver2 and the Get Australia Saving initiative, clearly reveals four distinct savings personalities:

The Personalities of an Australia Saver
49% - The Super Savvy Savers - Are great savers, planning for the future. They invest a proportion of their money in savings each payday and are dedicated to achieving long-term savings goals. Very prepared for a rainy day.

15% - The Short Sighted Savers - Don’t save regularly and when they actually do put their minds to it, they jump from one short-term savings goal to another. No dedication or motivation to save for any long-term goals.

21% - The Sometimes Savers - These spenders only save on occasion but most likely get distracted and give up as it all seems just too hard.

12% - The Shabby Savers - Live from pay-cheque to pay-cheque and are very reckless with their spending. They never save money and possibly wouldn’t know how to. They probably live beyond their means.

To encourage all Australians to get financially fit and to help make saving a key priority in life, BankWest has teamed up with two of Australia’s top athletes, Olympic and Commonwealth divers Robert and Chantelle Newbery. Robert and Chantelle share their personal financial journey to help move more Australians into The Super Savvy Saver financial personality profile.

Robert and Chantelle Newbery say, "Standing on the winners’ dais at both the Olympic and Commonwealth Games was a result of us setting personal goals and having the unwavering dedication in seeing them through. Now that Robert is studying at university and we have a child, our priorities have shifted and being financially fit is now just as important as being a physically fit, elite athlete."

"It’s fair to say that like many people in their early 20s, we would have fitted ‘The Short Sighted Savers’ personality profile. We faced facts and realised that this had to change, so we’ve applied the same skills we’ve used on the springboard/platform to our finances: commitment, focus, training and seeking independent advice."

"One of the reasons we’re very happy to be associated with BankWest and Get Australia Saving is that we are now happily displaying a financial personality of a ‘Super Savvy Saver’ and hope to inspire others to achieve their financial goals as we are doing," said Robert and Chantelle.

With around half of Australians struggling to save regularly, it’s alarming that being in good shape financially doesn’t rate as the top priority for Australians. According to the research, vanity has got the better of us, with people rating being in good physical shape as being their top priority compared to those who mentioned being financially fit.

BankWest spokesperson, Paul Vivian says "Our research shows the impact that the rising cost of everyday expenses such as petrol and groceries are having on Australians. However, what is worrying is that people don’t rate improving their financial future as a top goal. Through Robert and Chantelle’s example and by showing Australians how saving for the future can actually be quite simple, we hope to inspire people of all ages to achieve their financial goals and reach their full savings potential."

Other interesting findings from the study include:

Part-time workers are less likely (56%) to save money regularly than people employed full- time (43%)

Women are slightly worse savers than men, with 46 per cent of females able to set aside money every pay day compared to 51 per cent of males.

People aged 18-34 years have more capacity to save (52%) than those who are aged 35- 49 years (42%)

A surprising 12 per cent of people rate having an active social life as a bigger priority than having sound finances!

For more information on TeleNet Saver call 13 17 20 or visit: www.abetterdeal.com.au

1 The nationally representative Newspoll survey was commissioned by BankWest and interviewed 960 Australians aged 18 - 64, reflecting the views of about 12.9 million Australian adults. The survey results were post-weighted to Australian Bureau of Statistics data on a range of criteria
2 The product disclosure statement for these products should be read by customers prior to opening an account. The Product Disclosure statements are available from the website www.abetterdeal.com.au