Retired Australians enjoying higher interest rates on savings accounts are spending big on holidays and dining out , while under 30s have drastically tightened the purse strings as cost-of-living pressures bite. High interest rates and inflation don’t affect all Australians equally. A report by CommBank iQ shows over-65s spent at a greater rate than inflation over the year to September 30, while people under 40 reduced spending. Those aged 25 to 29 made the most drastic changes to their budgets.
Wade Tubman, head of innovation and analytics at CommBank iQ, said there were clear differences in spending across generations. “The younger you are, the more you’re contracting spending. And conversely, the older you are, the more that you’re able to spend,” he said.While home buyers face increasingly large mortgage repayments – a household with an average $600,000 mortgage will be paying nearly $1600 extra a month whenis added to those since May last year – a third of Australian households own their homes outright. The majority of those homeowners are retiree
Source: Loan Digest (loandigest.net)
Retired Australians Interest Rates Savings Accounts Spending Holidays Dining Out Under 30S Cost-Of-Living Pressures Inflation Commbank Iq Budgets Generations Mortgage Repayments Homeowners
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