More than 50% of Australians don't have savings - report
MORE and more Australians are finding it hard to save cash at the end of their pay cycle, according to a recent report.
The ME Bank Household Financial Comfort Report, released earlier this week, shows in June this year, only 46% of households were able to save each month.
This was the lowest since ME Bank started conducting the surveys in October 2011.
The report also showed 42% of households were breaking even on with their monthly budgets and 12% were overspending by drawing on savings, loans or home equity.
About one-third of households also reported having less than $1000 cash-on-hand, a rise of 7% during the past six months, while 24% said they could not raise $3000 in an emergency - a rise of 6%.
See the full report here: ME Bank Household Financial Comfort Report