NSW is lagging behind in the savings department, with a recent Bankwest study indicating that 60 percent of NSW residents are failing to make sufficient savings in the current climate.
The report shows one in three people have no savings, and only one in five save more than 10 percent of their salary each month.
Bankwest spokesperson Ian Corfield said these people may struggle if faced with the prospect of unemployment.
“Not only would most people be in dire trouble if they lost their jobs, but our report found that half of Australians would struggle with things like a rise in household bills or major repairs to their car.”
Corfield said in the current climate Australians needed to take more measures to prepare themselves for the worst, and saving money “for a rainy day” was the most effective way to do this.
People who read this, also liked:
Money expo helps small business weather financial crisis
How to make money from smart ideas