Women said they are most likely to stop eating out (67%) or avoid buying clothes and shoes (58%) to save money. Men also said they would not eat out (68%) and would defer purchases of alcohol (36%) to save money.
The RAMS Savings Satisfaction Survey by Gender and Generation has revealed that other than saving for a rainy day, women and men have listed the same top items on their savings wish list as a holiday and a house.
RAMS Chief Executive, Melos Sulicich said: "With the pressures of modern day living and the fast pace of work and social activities, it is no surprise that a holiday is the biggest savings priority for Australians.
"In fact, our survey found 68% of men and 53% of women listed a holiday as their number one savings goal.
"This is closely followed by about a third of men (31%) and women (43%) seeking to save for a house showing that the Great Australian dream of home ownership is still very much a big priority," he said.
RAMS released the data to coincide with its launch of new deposit accounts to reward customers for saving with great interest rates - including RAMS Saver which currently delivers the most competitive rate in the market - a bonus variable rate of 5.75% p.a. and a high base variable rate of 4.95% p.a.
For a long time, RAMS has offered real value home loans for Australians and now RAMS is seeking to be the savings champion for Australians by rewarding them with great interest rates.
Mr Sulicich, said, "We have listened to our customers who have told us online savings accounts, transaction accounts and offset accounts are a big priority to help them to save money and pay off their home loan faster.
"Not only does the RAMS Saver bring truly great interest rates to reward Australians who save, customers will be able to have fast and simple direct access to their savings account. We are launching with innovative online technology which electronically verifies the identity of the applicant and sets up a new account, ready for use within a just few minutes."
"Our research found women tend to be a little savvier than men and are more likely to have a high interest savings account (52% versus 44% of males) which shows they tend to be more proactive, save more money and are more satisfied with the way they save money, than people who don't have one.
"Unfortunately there is a still more than one third of Australians who are missing out on bigger returns by not putting their money into a high interest savings account," he said.
The RAMS Savings Satisfaction Survey has also indicated that Australians are serious about their savings. Two thirds (67%) of the population forego something in order to meet their savings targets, demonstrating the nation is committed to meeting their personal savings goals.
The results also showed a surprising disparity in attitude towards saving, with Gen Y identified as more determined savers than the rest of the population. Young people, aged under 29 years old, are more likely to have a high interest savings account compared to the rest of the population (58% versus 47%).
RAMS top Savings tips:
1. Keep savings separate and make sure you are getting the most out of your savings by putting them in a High Interest Savings Account. Having an extra – and growing – amount in a HISA greatly reduces the temptation to impulse buy.
2. Check the interest rate on your High Interest Savings account and make sure it is giving you a good interest rate to make sure you are saving your money more wis women's jackets ely, more efficiently and drive your dollar further so you get the most back in return.
3. Earn to save, not earn to spend. Your money is better off being put to work in order to make more money and increase your net worth.
4. Create a budget (and stick to it). It's important to remember these three tips when sitting down to make a budget: use after tax income figures not your gross salary, do not include irregular income that may not be reliable and when calculating expenses, use consistent expense periods such as weekly, fortnightly or monthly. That's where a tool like a savings calculator or budget planner can be invaluable. It enables you to keep track of your income and outgoings and so helps your savings build.
Popular brand RAMbassador, Raymond A Ram is encouraging his fans to share simple ways to save money on his Facebook page in the latest RAMS Greaaat RAMMYBANK Giveaway.
The RAMS Savings Satisfaction Survey, May 2012, was conducted by CoreData and surveyed 1,087 Australians about their saving habits and preferences.
Payable if during a month, a customer deposits a minimum of $200, makes no withdrawals, keeps the account open for the whole month and does not have more than $500,000 in the account.
This information does not take individual circumstances into account. Read the RAMS Deposit Accounts terms and conditions before making a decision.
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