Most Australians saving regularly: ANZ report

Australians’ savings levels have increased to their highest since ANZ began measuring financial literacy in 2002.

According to ANZ’s 2011 Adult Financial Literacy in Australia survey 77 per cent of Australians trying to save on a regular basis.

ANZ Chief Executive Officer Mike Smith said: “Financial literacy supports economic growth and improves the well-being of people and their families. It’s about equipping people to make the most of their opportunities, to provide opportunities for their children and to build assets and financial security throughout their lives.”

Mr Smith added: “It’s now widely recognised that our ageing population, shrinking taxpayer base and longer life spans mean that more of us than ever before will have to provide for retirement and for our health care after our working lives.

“This makes improving financial literacy a priority across all sectors: government, education, community and business. In addition to supporting research and investing in financial literacy programs, one of the key ways that banks like ANZ can contribute is by making banking products simpler and easier to understand,” Mr Smith said.