EMPTY POCKETS: Factors are at work making it harder for average Australians to grow substantial savings.
EMPTY POCKETS: Factors are at work making it harder for average Australians to grow substantial savings. Warwick Daily News

Those rainy day savers now suffering from drought

SAVING for a rainy day was once the primary objective of most Australians

Nowadays high household debt has...to use another Aussie term...clobbered that completely.

Evidence taken from a focus group of 1000 adults assembled by comparethemarket.com.au found one in three households don't save for unexpected loss of income yet one in four fear redundancy

Of those who did put money away 44 per cent only save up to $200 a month while older generations are less likely to put money away each month with 49 per cent of over-55's not saving at all.

This compares to 27 per cent of 18-24's and 32 per cent of 25-54's who lack a cunning kick (and may not know exactly what a cunning kick is).

According to the Australian Bureau of Statistics (ABS) the average household debt in Australia increased by 91 per cent between 2003 and 2016.

Finance expert Abigail Koch said it is advisable to have at least three months wage saved up as an emergency fund.

"Results show that Aussies are not saving for the unexpected,” she said.

"This is particularly worrying for Gen X and Gen Y, the age groups generally making big financial decisions such as buying houses and growing their families.”



Notorious Jetty site remains dilapidated and overgrown

premium_icon Notorious Jetty site remains dilapidated and overgrown

Concerned local asks: how can the block be left like this?

All hail to Dorrigo's new taxi service

All hail to Dorrigo's new taxi service

Residents can now access transport 24/7.

It's time to prepare for storm season

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Second most storm-affected region in NSW.

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