The consumer caution that largely defined 2011 looks set to continue in 2012, as Australians aim to boost their savings in the year ahead, a new survey has revealed.
The poll, by home finance brokers Loan Market, found that consumers are determined to increase their savings in the year ahead, remaining wary of the global economy's future.
The survey found 53% of respondents would prioritise savings in the New Year, with 22% also stating they would try to pay off their credit card.
Loan Market COO Dean Rushton said the consumer appetite for saving was largely because people remain uncertain about the situation in Europe. "Despite interest rates being reduced in November and December, consumers are uncertain about the direction of the economy with events in Europe.”
Rushton added that this mirrored other recent Loan Market surveys which showed that overseas issues are top of the mind for Australian consumers who are considering their financial position.
“[The] situation is not likely to change even though Australia looks well prepared to weather the impact of the European crisis on the world economy," Rushton said.
