Research from MyState Bank has shown that Australia is a nation of emotional spenders, with 62 per cent saying a negative emotional state can impact their ability to save.
Social media influencers, peer pressure, and by now/pay later services also dictate Australians’ spending habits.
Buy now/pay later services topped the list, with two thirds admitting those products had a negative influence on the ability to resist impulse purchases.
Gen X thought the ability to save was impacted by buy now/pay later with 20 per cent claiming so, while Gen Z followed closely with 19 per cent.
A third of Australians said they save less than two years ago or have never managed to save any money, while 27 per cent don’t have a budget in place to track expenses, and one in 10 struggled to reach the end of the month financially.
Melos Sulicich, MyState Bank managing director and chief executive officer (CEO), said having uncovered these negative influences, they were in a better position to put out education campaigns.
“In our experience, our customers want to save, and we want to help them, by giving them the information and tools to avoid the emotional decisions that they may regret longer term,” Sulicich said.