The Equifax 2022 Credit scorecard - combining survey data of 1,016 respondents with credit score information for more than two million individuals - found many Australians are establishing more disciplined spending habits.

Compared to the previous year, 51% of respondents said they were now more likely to stick to a budget and 48% were more likely to save money each month.

The report also showed a 37% decrease in discretionary spending, suggesting budgets have been adjusted to incorporate increased living costs.

Despite ongoing concerns about inflation and increased interest rates, 69% of respondents described their financial goals as ambitious.

James Forbes, General Manager of Equifax, said the report highlighted how “proactive and determined Australians are to realise their financial ambitions in an evolving economy”.

The average credit score for Australians was 846, which Equifax characterises as “very good.”

Credit scores were better for older generations.

Generation breakdown credit score.png

Although the most likely reason for Gen Z’s underperformance is a lack of credit history, the report also found 69% of under 25s don’t know how to check their credit score, compared to the national average of 50%.

However, the report also found younger Australians were more likely to have adjusted their spending habits.

Under 25s were 64% more likely to save more now than a year ago, whilst 55% of Baby Boomers said their spending remained unchanged.

Mr Forbes emphasised the ongoing importance of establishing good credit habits for long term financial prosperity.

“It’s important consumers have access to the correct information, avoid ‘shopping around’ for multiple lines of credit and establish positive credit behaviour early on to create better opportunities to secure credit.” Mr Forbes said.

“Cementing healthy financial habits early can help Australians get into a better credit position, which will in turn allow them to achieve their financial goals.

“It’s promising to see younger Australians building positive financial behaviours to close the gap with their established counterparts, which can lead to an improved credit score over time.

“Given the challenging economic environment, it’s more important than ever that consumers know how to navigate the credit system and understand the power of their positive credit behaviours.”

See Also: Credit Score Calculator?

What's a good credit score?

Credit score range





800 to 1,000

833 to 1,200

800 to 1,000

Very good

700 to 799

726 to 832

700 to 799


500 to 699

622 to 725

625 to 699


300 to 499

510 to 621

550 to 624


0 to 299

0 to 509

0 to 549


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