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New stats reveals increasingly worried Australians are dipping into their dwindling savings

One in four Australian households have less than $1000 in savings, new research has found.

The Household Financial Comfort report surveyed 1500 families, also finding that more than half have less than $10,000.

The number of households spending more than their income also increased to 11 per cent in the six months to June.

Report co-author Jeff Oughton told Ross and John that for 53 per cent of respondents, their biggest worry was the cost of living.

That figure was up seven percentage points in six months.

“Fewer people are saving each week, and they’re saving less,” he said.

“And it’s getting worse.”

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