Spenders vs savers: The money mindsets of Australians revealed - finder.com.au

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Spenders vs savers: The money mindsets of Australians revealed

        • 61% of Australians are savers, 39% are spenders
        • Almost half of millennials don't prioritise saving
        • 3 financial habits to start in 2021

4 January 2021, Sydney, Australia – Australians are divided by their attitudes to spending according to new research by Finder, Australia's most visited comparison site.

A new nationally representative Finder survey of 1,004 Australians revealed that almost two-thirds of Australians (61%) consider themselves "savers", while the remaining 39% are self-professed "spenders".

Of those who save their money, 44% are predominantly frugal but admit to splurging from time to time, while 17% are steadfast savers who like to be prepared.

Spenders are made up of those who still manage to save a little (30%) and those who don't save anything (9%).

Taylor Blackburn, personal finance specialist at Finder, said that an individual's "money mindset" is the key driver behind their spending habits.

"Your underlying beliefs about money influence your purchasing decisions, and ultimately, your long-term financial position.

"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.

"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," Blackburn said.

The research also found that the majority of baby boomers (69%) are savers, compared to just 51% of millennials.

Blackburn urged Australians to use the new year as a chance to tune-up their finances.

"Just as marriages and friendships require work, so does your relationship with your finances.

"The new year is a great time to review your money mindset and hit reset if necessary.

"What feelings do you have around the state of your spending? Are you sabotaging yourself? Could you educate yourself on a particular area of your finances?

"It's never too late to start over and regain control," Blackburn said.

Are you a spender or a saver?
Mostly a saver, but I splurge from time to time44%
Mostly a spender, but I save a little30%
Definitely a saver, you can never be too prepared17%
Definitely a spender, I'll make more tomorrow9%

Source: Finder December survey, 2020

3 financial habits to start in 2021:

  • Track your spending. This is the most effective way to keep on top of your finances. The Finder app can help by tracking and categorising your spending across your everyday, savings and credit card accounts.
  • Save 20% of your salary. Everyone's financial position is different, but this is a good starting point if you're unsure how much you should be putting away. Even a smaller increment of 5% is better than nothing – consistency is key.
  • Review your financial products. When was the last time you reviewed your home loan or credit card rate? Interest rates have never been lower, so if you haven't switched in a while, there's a good chance you could be paying too much. Take some time to compare your options online at Finder.


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The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About Finder

Every month 2.6 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit www.finder.com.au.

12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel

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