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Young people lead savings growth

04 December 2013 5:44PM
The number of savers in the community is on the rise. Consumer research by RaboDirect reveals that the number of people who save each month has grown from 47 percent last year to 55 per cent today.Twenty-four per cent of respondents to a RaboDirect survey said they saved a regular amount each month and 31 per cent said they saved "something" each month.Twenty-one per cent said they saved occasionally, six per cent said they saved "for something big or special" and 18 per cent said they didn't save. The number of non-savers is down from 20 per cent last year.The best savers are young adults. Twenty-nine per cent of Gen Ys save a regular amount each month and 33 per cent save something each month.RaboDirect found that regular savings habits correlate strongly with other good household financial practice. Sixty-seven per cent of regular savers said they had a long-term financial plan, compared with 25 per cent of occasional savers.

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