Recent Survey Indicates that Australians are Not Saving Enough

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A recent survey showed that about a third of those Australians surveyed only had one month’s worth of living expenses in their savings. Mercury Wealth Management, a financial planning firm, weighs in on how Australians can start saving more.

For those that want to have more in their savings, I suggest that they map out their money goals and priorities. Then make sure that their top priorities are taken care of before they spend money on anything else.

Dun and Bradstreet’s recent survey indicated low savings among a third of those Australians surveyed. A financial planner from Mercury Wealth Management weighs in on how Australians can start saving more.
Dun and Bradstreet’s latest Consumer Credit Expectations Survey of 1,216 people aged between 18 and 64 shows that half of Australian households are less likely to spend on non-essential items in coming months and 29% are now more likely to save than they were 12 months ago. The survey also shows that 56% of Australians are concerned with their personal financial situation.
Among the 35-49 age group, the survey shows that 40% will use credit to cover expenses that they couldn't afford with their own money. This is up from 35% a year ago. Sixty percent of those surveyed in this age group are concerned about their financial situation, since 35% of them only had one month of living expenses in their current savings.
Of those surveyed in the 50-64 age group, around 25% will need to use credit to cover expenses. Sixty percent of them are concerned about their financial position, and about 30% of them had only one-month’s worth of living expenses in their savings.
With so many Australians unable to save more than one month’s living expenses, it has become imperative for some to seek professional help. Financial advisors can help clients figure out a strategy to follow according to their needs and priorities in life. Andrew Drieschner, a Financial Planner at Mercury Wealth Management, weighs in on how Australians can start saving more without even thinking too much about it.
“It can be hard for people to save when they can’t see an immediate payoff. For those that want to have more in their savings, I suggest that they map out their money goals and priorities. Then make sure that their top priorities are taken care of before they spend money on anything else. For example, if you have decided that having ample savings is important to you, then you can make an automatic transfer from each paycheck to your savings before you even touch the money. That way, you’ve already taken care of your savings before you even think about spending money on anything else,” explained Mr. Drieschner.

About Mercury Wealth Management
Andrew Drieschner and Dale Brilley run Mercury Wealth Management. Andrew specialises in wealth management and Self-Managed Superannuation funds. He has over 11 years of experience as a financial adviser, and is an expert at advising clients on their wealth accumulation. Dale has over six years of experience in Financial Planning, and has experience in all facets of financial planning. He tailors his advice to clients’ beliefs and priorities. This allows him to develop strong relationships with his clients.

Go to http://www.mercurywealth.com.au/ to reach Andrew or Dale.

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