One in five (21%) people who work in advertising, media and marketing have less than $250 in savings and three-quarters (75%) of those have no savings at all, according to research by AMP Bank.
AMP Bank has put the spotlight on Australians’ savings habits at a time when wage rises have been weak, the cost of living continues to increase and interest rates are at a record low.
The research, based on a survey of 1,000 Australians by Pure Profile, also found that men who work in the advertising, media and marketing industry, on average have 79% more money saved than women.
However, 21% are uncomfortable about the amount they have saved and nearly three-quarters -(74%) regularly dip into their savings.
"A number of factors have contributed to this including rising housing wealth until recently at a time of weak wages growth and ongoing increases in the cost of living," AMP Bank CEO Sally Bruce says,
"And with interest rates at record lows it’s little wonder Australians don’t have anything spare to put away, and what they do have saved is only growing slowly.
“For most people in working in advertising, having a pot of money to use when times are tough or to fund the nicer things in life such as a new home or a holiday can have a huge impact on health and morale as well as your wallet.”
A breakdown of spending habits shows take out and delivery food (27%), rent (21%) and bills (21%) as the main expenses preventing advertising industry people from saving.
The study also found 5% of those who work in advertising currently do not have a savings account. Of those who do, a quarter (28%) don’t know their interest rate.
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