---

Less than 40% of Australians have sufficient savings to survive more than a month at their current lifestyle if their income was to stop today.

A poll of 400 Facebook users, conducted by saving account comparison firm for high-interest-saving-account.com.au, showed that the majority of Facebook users in this age group are living from paycheck to paycheck and spending most of their disposable income without saving for major purchases or long-term investment.

In fact, over 30% of those interviewed claimed to have no savings at all. Men appear to be the worst savers with 43% admitting to having no savings at all.

However, the poll showed that there was a significant minority of dedicated savers, with 20% saying they could survive for 6 months or more at their current lifestyle from their savings alone.

Richard Greenwood, of high-interest-saving-account.com.au said: “Following the recent spate of interest rate rises in Australia, savers can benefit from extremely competitive rates on high interest accounts (around 8.0%). At an interest rate of 8.0% opening a saving account with just $500 and depositing $150 each fortnight would grow to over $24,000 in just 5 years. That’s enough to buy a new car in cash.”

Greenwood continued: “If you can live without the money for a while then term deposits offer even higher returns and avoid the temptation to withdraw funds before reaching your saving goals.”

“While our parents’ generation grew up with an expectation to save for what you want, the generation X and Y's under 35 are living for the now and using debt to fund the purchases they want. By creating a simple budget and making use of today’s high interest rates on a saving account or term deposit, it's easy to create a cash reserve for a rainy day or to avoid debt for major expenses such as a new car or overseas holiday.”

For more information or interviews, visit: www.high-interest-saving-account.com.au

Related Articles on Business ans Finance

1. Learning Lessons From Business Online
   
2. How To Give Your Business The X Factor
   
3. 3 Common Multi-Level Marketing Questions You Want To Know
   
4. Options for Funding a Franchise - Where Can You Obtain Investment Capital?
   
5. Franchising Your Business - What You Need To Know
   
6. Finding A Franchise To Buy - Where Should You Begin To Look?
   
7. How to develop your business globally?
   
8. Choosing A suitable venue for your event in melbourne
   
9. Free and Effective Help in Tough Fundraising Times
   
10. Exporters
    
11. commodities
    
12. The Traditions of Gift Giving in the Philippines
    
13. 7 Reasons Why Good Interior Design Is So Important For Your Coffee Shop Profits
    
14. Final Expense Leads.com
    
15. Day Trading And Pivot Points
    
16. A Day Trading Strategy With A 90% Winning Percentage?
    
17. Are Things As Bad As They Seem?
    
18. Should You Let Your Profits Run?
    
19. The $700 Billion Bailout Plan - A Good Idea?
    
20. The High Cost Of "free"
    
21. Day Trading At The Beach - Can It Get Any Better?
    
22. The Art Of Growing A Day Trading Account
    

Latest Articles on Business ans Finance

1. The 7 Steps To Successful Selling
   No matter what business you’re in, whether it be your own business or if you’re working for someone else, you need to have sales skills. Even with your own personal life, children, parents, brothers, sisters and friends, you want to know how to sell your ideas....
2. Refinancing Real Estate Investments – A 12-year Plan
   People who supposedly know about this kind of stuff say it’s dangerous to include numbers when you write. That may be true but in my opinion, numbers can be pretty exciting. The following set of numbers is visual proof that unique real estate investing strategies through refinancing is a powerful road to riches...
3. Online Discount Deals Have Acquired Excellent Name
   Savings is the mostly used word in the life of middle class people. Most of the middle class people are very much concerned on getting rich.any of us desire to buy things at low-priced with out compromising at quality of the goods. There exists the sound ‘Discount’ which brings middle class people’s dreams come true within their means....
4. Visa Debit Cards: Economic Solution And Decline Of Credit Cards’ Protection
   You might have wondered why your stock portfolio plummeted down to 50%, your IRA reduced by 60%, your home is on the verge of disaster, or your business grossing 40% lesser today than it was 2 years ago. It surprises you even more that your credit card company has unexpectedly closed your account or transferred it to another banking institution....
5. How To Lower Internet Fees With Online Direct Deposit Payment Processing
   The Cara Debit Card online payment processing options offers new payment scheme designed to lower your internet fees. The new scheme allows online payment transfers without any per-transaction fees. Those who are often making online payments or direct deposits to employees, contractors.......
6. Spending, Cash And Financial Control: Important Factors To Survive Amidst Financial Crisis
   Maximizing your spending control, cash control, and financial control are among the vital factors to survive amidst the global financial crisis that is continuously wrecking havoc everywhere. This can be achieved with the powers of our new VISA debit / online direct deposit money card....
7. The Cara Debit Card
   It is no doubt that most countries in this modern society now rely on that plastic thing for convenience in whatever financial transactions that needs to be done. The Cara Debit Card simply saw this need. Thus, it provides a whole new world of possibilities pertinent to.......
8. Latest Trends In Buy To Let Mortgages
   Buy to let mortgages have many latest trends including both ups and downs. To improve such problems there are companies who offers better packages of mortgages. One of such company is “Severnside Mortgages”. Buy to let mortgages have many latest trends including both ups and downs....
9. Advice For Buy To Let Mortgages
   Buy to let mortgage refers to an investment strategy to buy a residential property. This mortgage plan targets at accumulation of wealth if the residential property price rises. Buy to let mortgage refers to an investment strategy to buy a residential property....
10. How To Use A Mortgage Calculator For Buy To Let Mortgage Calculations
    Buy to Let mortgage calculators might look a little confusing as they are different from the ordinary calculators. But following certain steps will help to use those calculators to make easy Buy To Let mortgage calculations. Buy to Let mortgage calculators might look a little confusing as they are different from the ordinary calculators....

Related topics in Business and Finance

Submit Articles © 2009 KeepArticles.com, All Rights Reserved.