- Research finds 42% of Australians unable to afford any big purchases this year
- However another 31% intend to take an overseas holiday in 2015
Despite low petrol prices and rate cuts nearly half of Australians say they can’t afford to make any big purchases this year.
A recent survey commissioned by insurance provider Budget Direct.* found 2 in 5 (42%) Aussies are putting off making any big purchases in 2015, citing affordability as the reason. Big purchases included home renovations, overseas holidays, upgrading or buying a new car, major appliances and renovations or buying a new home.
As well as delaying major outlays, consumers are looking at ways to save on essentials, says Kimberley Moody, Communications Manager, Budget Direct.
“People are sharpening their pencils and looking to cut costs wherever they can,” says Ms Moody. “We’re seeing a lot of people shopping around for insurance and taking advantage of online discounts.”
However it’s not all doom and gloom on the spending front – just under one-third (31%) of respondents said they intended to splash out on an overseas holiday this year, with Gen Y (21-35 years) the most likely age group to choose this option (36%).
“We still like to treat ourselves and what better way than an overseas holiday – as long as it doesn’t break the nest egg.”
* Source: McCrindle Research Survey conducted 2015 on behalf of Budget Direct. 1023 respondents aged 18 and over participated from all states and territories.