New research commissioned by Mastercard and Pureprofile details the average Aussie consumer has saved approximately $5,000 since the pandemic began in March 2021 as many curbed their usual spending patterns and behaviours.

The study of 1,000 Australians found an overwhelming majority (94%) said they will shift away from their usual purchases to spend an additional $420 per month on experiences in a bid to make up for lost time and to reconnect with loved ones.

Mastercard noted top-ticket experiences on the lists of Australians include:

  • Dining out at local restaurants and bars in groups of four or more (56%),
  • Interstate and international travel bookings (62%),
  • Local tourism activities (43%)
  • Children’s school holiday activities (14%)

Mastercard Australia Vice President of Cyber & Intelligence, Mallika Sathi said for many Australians, the coming months will prove to be priceless as they reconnect and rediscover the joy of in-person experiences with friends and family. 

'Side-stepping' for future experiences

Research published Monday by CommBank's StepPay shows Millennials are 'side-stepping' everyday purchases to afford those exciting purchases the past year has taken away from young Australians. 

CommBank's StepPay surveyed more than 1,000 Australians, and 88% of Millennials noted they make sacrifices to their lifestyle to afford larger purchases of up to $1,000.

By sacrificing for larger purposes, 65% of young Aussies admitted to putting their essential expenses on pause.

Further, 44% of Australians said they put these expenses on hold in order to make a more ‘exciting purchase’ including experiences such as travel, concerts and festivals, socialising and dining out. 

CBA General Manager, Caleb Reeves said juggling money can be one of the more challenging skills we all manage on a day-to-day basis.

"While Millennials work hard to find the balance and are sensible with money overall, we can see they still need to navigate competing choices and priorities," Mr Reeves said.


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Provider

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  • Bonus rate for the first 4 months from account opening
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High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
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Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
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  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
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Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
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Savings Account (Amounts < $250k)

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  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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  • Maximum Age - 24

Goal Saver

  • Maximum Age - 24
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
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  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
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  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

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For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

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    Boost Saver

      Important Information and Comparison Rate Warning

      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 July 13, 2024. View disclaimer.

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