Three in five respondents in a recent survey think of themselves as “savers.”
The study, conducted by financial comparison site Finder, polled more than 1,000 Australians and revealed that 61% of Australians are savers while the remaining are self-professed spenders.
While almost half of all savers are "frugal" with their spending, a small portion admit to splurging from time to time. Meanwhile, close to a fifth of savers said they are "steadfast" when it comes to their saving goals.
Meanwhile, around a third of spenders said they still manage to save a little. Only 9% of spenders said they do not save anything.
The survey also found that the majority of baby boomers (69%) are savers, compared to just 51% of millennials.
Taylor Blackburn, personal finance specialist at Finder, said the saving and spending habits of Australians depend on their "money mindset".
"Your underlying beliefs about money influence your purchasing decisions, and ultimately, your long-term financial position," he said. "Becoming aware of your money mindset is an important first step towards taking control of your finances."
Blackburn said Australians have an opportunity to tune-up their finances and money mindset this year.
"The new year is a great time to review your money mindset and hit reset if necessary. It's never too late to start over and regain control," he said.