One in three saving to repay debt
ALMOST one in three Australians are saving to pay off debt but travel, rainy days and retirement are still higher priorities, a survey shows.
Saving for the debt trap
ALMOST one in three Australians are saving to pay off debt but travel, rainy days and retirement are still higher priorities, a survey shows.
The Melbourne Institute's Household Saving and Investment Report for the March quarter found repaying debt to be a motivation for 31.1 per cent of respondents.
That was a jump from 19.9 per cent in the December quarter.
But going on holiday was the most popular reason for saving, with 46 per cent nominating travel as their top priority in the March quarter, compared with 32.7 per cent in the previous quarterly survey.
Saving for an unexpected disaster was a goal for 37.1 per cent of people, up from 26.2 per cent before Christmas.
Retirement was a priority for 32.6 per cent of savers, up from the December quarter's 23.5 per cent.
The percentage of households nominating deposits as a way to save grew to 26 per cent in the March quarter survey, up from 19.5 per cent in the previous quarter.
Mortgages were a burden to 35.9 per cent of households, followed by credit card debt on 31.4 per cent.
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