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Difficult economic conditions have prompted more households to recognise the importance of building personal savings.
The Melbourne Institute’s December Household Saving and Investment Report, released today, showed the proportion of households saving for unexpected expenses increased substantially over the past year.
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Professor Guay Lim from the Melbourne Institute said saving for a ‘rainy day’ is now very high on people’s list of priorities, with 48.1 per cent of households citing this as a reason for saving
This was “significantly up from 40 per cent last quarter and 26.2 per cent a year ago,” he said.
