Qlders hold onto their money and save their tax return

After a challenging start to the year, Queenslanders are holding their money close to their chest, as new RACQ research revealed almost 70 percent planned to put their tax return toward savings or to pay off debt.

RACQ Bank spokesperson Lucinda Ross said the survey was a stark reminder of the financial pressures on families.

“We’ve seen a real shift in what Queenslanders want to do with their cash this year, with many choosing not to spend it on luxury or non-essential items,” Ms Ross said.

“Only three percent of survey respondents said they’ll spend their tax return on items such as a new car or clothes.

“It’s clear that easing restrictions due to COVID-19 doesn’t mean Queenslanders feel at ease about spending money.”

Ms Ross encouraged Queenslanders to make smart decisions with their tax return and put their financial wellbeing first.

“If that means finally paying off that credit card debt or putting money towards your mortgage, your tax return can help you regain control over your financial situation,” she said.

“It’s been a tough year on the budget, and with many households needing to tighten their budget or defer loan repayments, it’s clear why we’re still steering away from spending money on luxury items.

“With plenty of end of financial year sales to tempt Queenslanders, make sure you consider whether spending is the right decision for you and shop around to get the best deal.”