Men fast, women steady savers
When it comes to saving, men are "fast and determined" while women take it "slow and steady".
That's the Australian Securities and Investments Commission's (ASIC) finding after a national survey on our saving habits.
ASIC isn't saying that, when it comes to saving, the guys have it over the girls or vice versa - it's far more about achieving your goals than how you get there.
Women are more likely to be saving for more than one thing while men are focused on a single savings goal, according to Miles Larbey, ASIC's senior executive leader of the watchdog's MoneySmart website.
Women tend to be good at managing household finances while men may lean more to investment risk taking, he says.
According to ASIC's poll, which attracted 1,600 responses, buying or renovating a home was the top saving goal.
This was followed by holidays, "the future", an emergency fund, a car, education, furniture or household appliances, a wedding, or a new computer.
The top five saving techniques were:
1. Know how much money you'll need.
"It sounds really obvious, but it is really important to be realistic about whatever it is you're saving for (and) how much it is going to cost," Mr Larbey says.
2. Have a clear savings plan.
This involves how regularly you'll save, where you'll deposit it and whether you've arranged for direct deductions from your pay.
3. Regularly review your progress.
ASIC has a free app that can help here. It's called TrackMyGOALS and it can be downloaded from its Moneysmart site, the App Store or Google Play.
4. Have a clear timeframe.
"That helps to crystalise thinking, gets you started and forces you to think about your priorities," Mr Larbey says.
5. Tell family and friends.
If you make a public commitment, you're more likely to keep it. It's no different than a new year's resolution, a weight loss plan or a commitment to stop smoking.
Of course, not everyone has the money to save.
Almost one in five Australians are living pay to pay, according to a recent National Australia Bank survey.
While the vast majority (70.4 per cent) of those surveyed considered themselves good at managing money, almost one in five rarely or never have any money left at the end of a pay cycle, the survey found.
There's a range of budgeting tools on the MoneySmart website, including an app called trackMySPEND for those struggling to make ends meet.
That said, more Australians are focused on saving than there were five years ago.
A St George Bank survey of 1,000 Australians found two thirds aim to have more than $10,000 in their bank accounts for easy access.
St George's general manager for retail banking Andy Fell says the global financial crisis was a catalyst for many Australians to change their saving habits.
"Since this time, we've seen an increased focus on people paying down their debts and adding to their saving pool," he said.
