Study shows five dollars can go a long way to improving your well-being.
Many Australians are hopeless at saving money for a rainy day, a national survey found.
The highlight of the study was that 46 per cent of working Australians only have one month’s savings or less in the bank to tide them over if they lost their job. More worryingly, 20 per cent have no savings at all.
Besides the numbers, the study of more than 2,300 Australians aged 18-65 found a strong direct correlation between regular saving and happiness and health.
So-called ‘regular savers’ indicated higher levels of happiness and health, and more comfort with their finances. By contrast, less than 10 per cent of the so-called ‘unrestrained spenders’ said the same.
But Greg McAweeney, executive general manager at RaboDirect ANZ, said you don’t have to make drastic changes in your life to lift your finances.
“This survey shows that those who have a regular and realistic savings plan, even just $5 a week, will improve their financial situation and at the same time benefit from a potential improvement in their mental and physical health and happiness,” he said.
For those who want to reverse their financial rut, McAweeney suggested researching simple financial products and putting a plan together to help them reach their goals sooner.
And there’s no need to worry about the bad news in the media about where the economy and the markets are.
“There’s no need to feel powerless about the constant flow of doom and gloom economic commentary … don’t be afraid of economists – it’s their job to report bad news.”
source: RaboDirect press release