Australians too comfortable with debt
Less than half Australian households are saving any money, instead spending all they earn and taking on more debt, according to the new ING-Direct –Melbourne Institute Household Saving and Investment Report.
It says only 46% of households saved anything outside of compulsory superannuation, compared with 55% a year ago. More than one in 10 households don’t have any intention to save.
Michael Smolders from ING said that the figures showed that Australians were perhaps “too comfortable” with debt.
“With older generations they earn a dollar, they spend 80 cents and save 20 cents. With the young generation today, they earn a dollar and then spend $1.50 and they are quite happy to be in debt. That’s a concern,” he said.
