Australians are struggling to save money, according to Acorns. A survey commissioned by the investment app found that just one in eight Australians think their savings are in good shape. Two-thirds of the 1000 Australians aged between 18 and 39 years polled either have a savings plan that doesn’t work, or no savings plan at all.
While recent research has found women’s retirement savings lag behind men’s, the Acorns study found young men are less committed to saving than women. Almost a third of the men surveyed say they have no savings plan, compared to 21 percent of women. Nineteen percent of men also said they struggle to cover their usual expenses, compared to just 10 percent of women.
George Lucas, Acorns’ managing director, told the Huffington Post Australia that young Australians should ignore media hype and commit to their own personal savings plan.
“If we look at the messages that young people hear around the rising cost of property and the cost of living, I think that this generation has been told that it should be hard for them to save, and therefore they have fallen into a trap of not saving,” he said. “Everyone can save. It’s down to how they perceive and prioritise saving.”
At Chase Edwards we believe that Mr Lucas is right: everyone can save. We also think you’re never too young to start saving. If you’re struggling to pay your bills, if you don’t have a savings plan, or your current plan isn’t working, we’d love to help you. Call Chase Edwards on 1300 854 833 to discover how easy it really is to make your money grow.