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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

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