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SOURCE: Credit Card Compare
After surveying more than 1,000 Australian consumers, CreditCardCompare.com.au have released an exclusive new infographic detailing the results to provide rich insights into how consumers in Australia manage their personal finances.
(PRWEB) June 22, 2012
Personal finance website, http://www.CreditCardCompare.com.au, surveyed over 1,000 of its visitors and newsletter subscribers and found that Australia is a nation of savers and deal seekers but at least 65% of people are being held back by their knowledge, behaviour and attitudes towards money.
Key Consumer Insights
Over 35% of Australians carry a balance on their credit cards and only pay off the minimum each month.
40% of Australians spend too much on credit card interest, loans, and late fees.
One third of Australians do not keep tight control of their money and credit.
At least 65% of Australians have behaviours, attitudes and beliefs that holding them back financially.
More than 33% of Australians have behaviours and attitudes towards work and money that can lead to financial difficulties.
72% of people are confident that they can live within their means because of their skill and ability to earn more money than they spend.
More than 62% of Australians still believe that home ownership is an important life goal.
More than 75% of Australians have good savings practices and beliefs.
More than 65% of Australians are deal seekers and coupon clippers. Specifically, over 66% of Australians like the idea of earning frequent flyer points on their credit card and 78% of people are actively using coupons, discount vouchers, waiting for retail sales and using group buying sites.
More than 60% of Australians are using insurance products to reduce financial risks.
More than 20% of Australians engage in high risk investing and gambling.
Check out the infographic to get more consumer spending and saving insights.
“Unsurprisingly, this test revealed that many Australians spend too much on their credit cards and many just repay the minimum each month. We’ve been trying to provide consumers with an easy way to reduce their credit card bills by switching to a cheaper deal&emdash;our exclusive Beat My Card tool (used by thousands already) has helped consumers save on average $2,500 in just one year after switching” says David Boyd, Co-Founder of CreditCardCompare.com.au
Since 2008 Credit Card Compare has been helping Australian consumers to compare credit cards using comparison tables and a free suite of advanced personal finance tools. In fact, people that use the Beat My Card tool can typically save $2,500 each. The Credit Letter blog regularly posts useful news, personal finance how-to’s, money saving tips and infographics. People can follow Credit Card Compare on Facebook and Twitter.
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