Aussies committed to maintaining financial discipline despite economic turbulence
Credit score reports show Australians are both responding appropriately and maintaining strong financial ambitions in the face of the current economic conditions.
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.
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.”
[Enjoy the benefits of our lowest rate on everyday purchases.
0% p.a. on Balance Transfers for 28 months on a new NAB Low Rate Card. No Balance Transfer fee applies. Plus, enjoy no annual fee for the first year (usually $59)*
Apply by NAB may vary or end this offer at any time.
You’ll also enjoy the benefits of our lowest ongoing rate on everyday purchases.
Up to 55 days interest free on purchases do not apply with an outstanding balance transfer.
Additional cardholder at no extra cost.
Your choice of a pink or silver card.
Apple Pay, Google Pay, Samsung Pay, ]
[0%p.a. on purchases and balance transfers for 18 months reverting to the cash advance rate thereafter.
No balance transfer fee.
Low interest rate.
Low annual card fee.
Up to 55 days interest-free on purchases.
If you currently have a credit card or store card elsewhere, you can easily transfer the outstanding balance to a Low Rate Visa Card and start saving right away.
Samsung Pay, ]
[Get 0% p.a. for 28 months on balance transfers and $0 Annual Account Fee in First Year with an ANZ Low Rate credit card (no Balance Transfer Fee).
$0 Total Annual Fee for the first year - $58 thereafter
Eligibility criteria, T&Cs, fees and charges apply.
Offer ongoing until further notice.
Low ongoing interest rate of 13.74% p.a. on purchases.
Up to 55 days interest free credit on purchases.
$0 annual fee for the first year - $58 thereafter
View balances, transfer money and make payments simply and easily with the ANZ App.
Apple Pay® and Google Pay let you use your compatible Apple® or Android™ device to tap and pay with an eligible ANZ credit card.
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[You get up to $350 cashback when you take out a new Low Rate Credit Card. $50 cashback will be awarded for every month $1000 or more is spent on Eligible purchases for the first seven statement periods from card approval.
Eligibility criteria and T&Cs apply. + $59 annual fee.
Up to 55 days interest free on purchases when you pay the closing balance of your statement in full by the statement due date.
Make the most of the balance transfer by creating a balance transfer repayment plan with SmartPlan., ]
[Enjoy 0% p.a. on purchases for the first 3 months + up to $240 cashback
Our lowest interest rate on purchases at 13.24%
Control your security and spending - instantly lock international payments, block ATM cash advances and limit your spending through the CommBank app or on NetBank.
Minimum credit limit $500
Monthly Fee $6/mo (equivalent to $72 per year)
Android Pay, Google Pay
, ]
[Low ongoing interest rate.
Low annual fee.
Microchip for extra security.
Global acceptance of Visa.
Access to Visa Entertainment.
Visit macquarie.com.au/cards for full details and terms and conditions.
Zero liability unauthorised purchases with Visa’s Zero Liability Policy*, ]
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 4, 2024. View disclaimer.
Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.
At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.
Learn more about our commitment to editorial integrity in our Editorial Guidelines.
Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.
We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.
Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.
Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.
You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.
For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.
We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.
The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).