Half of Australians don't know the amount in their bank account

by Lena Woods24 Dec 2012

With Christmas just days away, Australians are proving to be a little ‘spend shy’, checking their bank balances more than twice a week in a bid to keep track of their festive funds - but nearly half of us can’t actually state how much money is sitting in our savings account.

Research conducted by St. George Bank found three quarters of Australians (75%) check their bank account balance between one and five times a week to make sure they’re spending within their means.

Yet, despite respondents’ intention to prove themselves as savvy spenders, the report revealed almost half (46%) are unable to specifically state how much money is in their savings account at any given time, with 18-25 year olds the worst offenders (84%).

According to Travis Tyler, St.George Bank’s head of mobile, while Australians are working hard to make their funds stretch further this Christmas, with 85% saying they will spend ‘less or the same’ this Christmas as last year, keeping track of spending can become a full time job around this time of year.

 “Our research indicates almost half of Australians (45%) intend to make their Christmas purchases with ‘savings only’, while a further 38% plan to use a combination of savings and credit, further illustrating how critical it is to keep a close eye on your account balances.

When asked ‘how much money do you need in your savings account to feel secure’ the most common response (30%) was between $500 and $2,500.