Almost two-thirds of Australians consider themselves to be ‘savers’ while 39% are ‘spenders’ and the key driver behind spending habits is an individual’s ‘money mindset’, according to Finder.
Finder said its survey of over 1,000 Australians found of those who saved money, 44% were frugal but splurged from time to time, while 17% were ‘steadfast savers’ who liked to be prepared.
Around 30% of spenders saved a little and 9% said they did not save anything.
Finder’s personal finance specialist, Taylor Blackburn, said underlying beliefs about money influenced people’s purchasing decisions, and long-term financial positions.
“Some savers may be afraid to spend money if they’ve been in a vulnerable position in the past, while others may have a financial goal they’re working towards,” Blackburn said.
“There’s nothing wrong with splurging occasionally, but spenders can self-sabotage if they’re prone to impulse buying and too much retail therapy.
“Becoming aware of your money mindset is an important first step towards taking control of your finances.”
The survey also found that 69% of baby boomers were savers, compared to 51% of millennials.
