Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant or accept liability for the accuracy or usefulness of the transcripts. These are copied directly from the broadcaster's website.
Australians saving money the wrong way: study -

View in ParlViewView other Segments

A new study suggests that Australians are wasting nearly $7.5 billion a year trying to save money in all the wrong areas.

Researchers at the University of Technology Sydney found that most people try to save on travel, clothes and food shopping rather than on credit cards, home loans and other major investments.

What's more, despite pinching pennies in minor areas, many feel that it's not worth the time or effort to seek out a better deal in the major ones. The researchers found that those who considered themselves spendthrifts were actually the ones more likely to seek out the best deals when it came to major life purchases.

Dr Eugene Chan, University of Technology Sydney researcher