Australians Are Running Out of Savings - Here's Why

Aussies are predicted to run out of the $300 billion they saved during the pandemic by the end of the year as the cost of living bites. 

Financial journalist James Kirby explains.

#Savings #Money #CostOfLiving

[WhitneyRoss-djrf]

The cost of living seems to be increasing every year, making it harder to keep up.

[mark]

love how he tells us to save, yeah, its fine when your making big bucks when the rest of us are making pennies. we have no choice but to use our savings.

[wmrajput]

My gas bill is 50% higher than it was at the same time two years ago.
Inflation hasn't been 25% a year. Greedflation as noble price winner economist Stiglets said.

[KenSlager]

The art of plucking the most amount of feathers from a chicken with the least amount of squawking. Big business driven inflation is a work of art.

[ddddddddddddddddddddd]

This isn't just an Australian phenomenon, across many countries, including America, savings are going negative and credit is skyrocketing... You don't need to be a genius to understand that.

[exploringoptionsabroad]

Next is policy cancelation, Insurances, private health, dentist, glasses, going out, take aways, tooth missing, barred windows, police sirens all night, government offering electronic payment with area restricted spending, 10 years later very poor kids, slums, violencs. Like UK or south africa

[chillpauly]

"Why aren't people digging into their mortgage offset accounts?" - mate, bold of you to assume I can afford to go anywhere near the housing market 🤦‍♂

[multioptioned]

Millionaire hosts on the project talking about tough financial times? 😂😂😂

[mark]

yeah doesnt help that cost of living is so high. its no wonder we are running out of savings because we are having to use it and the government is doing nothing to help

[neilstleon]

The cost of property and fuel has crippled the average person in this country.

[Tonstar]

The so called mortgage cliff was a non-event because of available savings when mortgages flipped from fixed to variable. But with savings drying up the economy will fall off a cliff as there is no buffer.

[ariabutler]

Rents gone up about 30% in the last 4 years along with power, food, gas etc. I got a pay rise of 3.5% which will get us a litre of milk if we are lucky lol. But thats what the gov wants is for us to need them to survive. Alot of people will do anything for them including taking a vax or no job etc and look where that got us. Hopefully we all learn to work together. Control, manipulation and deceipt are not good and thats all they have shown us.

[dawndouglas]

If you have savings no Albo will be after them.

[Aussie-Titan]

Australia has had the highest household debt for over a decade

[acotrel]

The Devil likes idle hands. Who destroyed our car industry and it's supply chain, and also closed and sold our defence factories to their developer friends ?

[myday]

Ahh the lockdowns forced people to save but the lockdowns also triggered the inflation problem we have now. So those savings were needed just to cover the increased cost of everything we could afford before.

[richardbrown]

Your govt loves you and has your best interests at heart....but we keep paying them.

[younghee]

We are not asset poor at all but I can't afford to pay dental care, hair cut, even simply going to the specialist..( I can pay but extremely stressful to pay as not much money left)
House insurance, rates, medical insurance and so on ...

[Deano]

So why the hell were rates at 0.1% and the government was giving people $750 a week to do nothing….many of which done cashies while also taking the government money.

[showyceramics]

Look at the malls- every shop, one or two people except Kmart etc. Much less discretionary income, no money for businesses.